All fourth round ties will be played across the weekend of Friday 24th January to Monday 27th January.
Newcastle's only previous meeting with Oxford in this competition came at the same stage, in 2016/17, with the U's winning 3-0 at the Kassam Stadium.
The two sides have met 18 times in all competitions, with Oxford winning seven, Newcastle six and five games ending in a draw.
Currently fourth in League One, Oxford beat Hartlepool United 4-1 in the third round. They have also seen off Walsall and Hayes & Yeading United.
Managed by Karl Robinson, they reached the quarter-finals of this season's Carabao Cup, where they lost 3-1 to holders Manchester City.
The Magpies were held to a 1-1 draw at Rochdale on Saturday. A date for the replay at St. James' Park will be confirmed in due course.