United needed penalties to get past Rochdale in the previous round and boss Ole Gunnar Solskjaer said afterwards: "If you want to win it, you have to beat the best.
"We're going to relish it and look forward to it."
Liverpool, meanwhile, will attempt to extend their nine-game unbeaten run against the Gunners.
The full fixture list for the Carabao Cup fourth round can be found below, including the live TV games.
Carabao Cup TV coverage: Find out which games are live on TV (Image: GETTY)
Carabao Cup TV coverage: Liverpool host Arsenal (Image: GETTY)
Carabao Cup TV coverage: United travel to Chelsea (Image: GETTY)
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Carabao Cup TV coverage
Only two fixtures will be shown live on TV this week.
Sky Sports owns the rights to the Carabao Cup and the broadcaster has chosen to show both Chelsea vs Man Utd and Liverpool vs Arsenal on Wednesday evening.
However, fans will be able to watch highlights of the fourth round on Quest.
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Carabao Cup fourth round fixtures
All kick-offs are 7.45pm GMT (unless stated)
Tuesday, October 29:
Burton vs Leicester - 1-3
Crawley vs Colchester - 1-3
Everton vs Watford 2-0
Manchester City vs Southampton - 3-1
Oxford vs Sunderland - 1-1 (penalties 4-2)
Liverpool vs Tottenham: Jurgen Klopp reacts to 2-1 victory
Wednesday, October 30:
Liverpool vs Arsenal (7.30pm) - Live on Sky Sports Football