The tie is set to take place at Anfield on between January 3rd and 6th, following a home fixture against Sheffield United and before a trip to face Jose Mourinho's Tottenham.
The two sides last met in the FA Cup back just two years ago as Liverpool beat Everton 2-1 thanks to a late winner from debutant Virgil van Dijk.
The Reds are likely to continue their policy of rotation in the domestic cups, which can be especially expected after their busiest period of the season in December.
Liverpool have failed to make it past the fourth round of the FA Cup under manager Jurgen Klopp, with the Reds having crashed out in the third round last season with a 2-1 defeat against Wolves.
The Reds and the Blues face each other in the Premier League at Anfield on Wednesday night as Liverpool look to consolidate their lead at the top of the table.
FA Cup 3rd Round Draw
Leicester City vs Wigan Athletic
QPR vs Swansea City
Fulham vs Aston Villa
Chelsea vs Nottingham Forest
Wolves vs Manchester United
Charlton Athletic vs West Bromwich Albion
Rochdale or Boston United vs Newcastle United
Cardiff City vs Forest Green or Carlisle
Oxford United vs Exeter or Hartlepool
Sheffield United vs AFC Fylde
Southampton vs Huddersfield
Liverpool vs Everton
Bristol City vs Shrewsbury
AFC Bournemouth vs Luton Town
Brighton vs Sheffield Wednesday
Bristol Rovers or Plymouth vs Coventry or Ipswich Town
Eastleigh or Crewe Alexandra vs Barnsley
Manchester City vs Port Vale
Middlesbrough vs Tottenham Hotspur
Reading vs Blackpool
Watford vs Tranmere Rovers
Preston vs Norwich City
Millwall vs Newport County
Crystal Palace vs Derby County
Solihull Moors or Rotherham vs Hull City
Brentford vs Stoke City
Fleetwood Town vs Portsmouth
Arsenal vs Leeds United
Gillingham vs West Ham United
Burton Albion vs Northampton Town
Burnley vs Peterborough
Birmingham City vs Blackburn Rovers