The Eagles will face Sunderland at Selhurst Park in the last eight, having reached this stage of the competition for a club-record third consecutive season.
Having fallen in the quarter-finals away to Arsenal in both of the previous two campaigns, Palace will now hope to reach the semi-finals for only the fourth time, and a first time since 2011/12.
If the Eagles' quarter-final tie 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.
The tie will take place in the week commencing 14th December.
Palace reached the last eight after seeing off Fulham at Craven Cottage on Wednesday evening, thanks to Eddie Nketiah's winner.
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 for this team will be announced in due course.