The tie is due to be played at Craven Cottage in the week commencing Monday 26th October, with the exact date and kick-off time set to be finalised in due course.
If the match is level after 90 minutes, it will go straight to penalties to decide who advances; extra-time is only used in the Carabao Cup from the semi-finals onwards.
Palace have fallen away to Arsenal at the quarter-final stage of the competition in both of the last two seasons.
Once again this season, every Carabao Cup match is being broadcast live on Sky Sports for fans in the UK. For overseas supporters, selected matches will be made available via the EFL's international broadcast partners.
Ticketing information will be announced in due course.