The tie will be played over the weekend of 9-10 January 2021.
The first ever recorded game between the sides was an FA Cup clash in 1909, also at Molineux, and Wolves were reigning FA Cup champions. The game ended 2-2, but Palace progressed 4-2 in the replay.
The most recent FA Cup clash between the sides was also won by Palace after a replay, back in 2010.