The Bit o' Red have been drawn against the Norwegian outfit in the second qualifying round of Europe's premier club competition
The 2012 Airtricity Premier Division champions, who are competing in Europe's premier club competition for only the second time in their history, will take on the Norwegian side as they endeavour to progress to the third qualifying round of the competition.
Molde FK are managed by former Manchester United striker Ole Gunnar Solskjaer and the 2012 Tippeligaen champions are currently second from bottom in the league after 13 games.
Meanwhile, Irish League champions Cliftonville have been paired with former European Cup winners Celtic. The Scottish Premier League giants reached the last 16 of last year's Champions League before they were eliminated by Juventus.
The ties will take place over two legs on July 16/17 and July 23/24. The winners of the second qualifying round will progress to the third qualifying round and a playoff to reach the group stage.