It will be the second time new Toffees boss Sam Allardyce leads the club into their most important game, with the Reds also set to host Everton in the Premier League this month.
That tie is not the only grudge match that came out of the hat as Premier League and Championship teams entered the national competition, with Crystal Palace set to visit Brighton and Middlesbrough facing Sunderland.
|TBC||Ipswich Town vs Sheffield United||TBC||TBC|
|TBC||Watford vs Bristol City||TBC||TBC|
|TBC||Birmingham City vs Burton Albion||TBC||TBC|
|TBC||Liverpool vs Everton||TBC||TBC|
|TBC||Brighton vs Crystal Palace||TBC||TBC|
|TBC||Aston Villa vs Woking or Peterborough United||TBC||TBC|
|TBC||Bournemouth vs AFC Fylde or Wigan Athletic||TBC||TBC|
|TBC||Coventry City vs Stoke City||TBC||TBC|
|TBC||Newport County vs Leeds United||TBC||TBC|
|TBC||Bolton Wanderers vs Huddersfield Town||TBC||TBC|
|TBC||Port Vale or Yeovil Town vs Bradford City||TBC||TBC|
|TBC||Nottingham Forest vs Arsenal||TBC||TBC|
|TBC||Brentford vs Notts County||TBC||TBC|
|TBC||QPR vs MK Dons||TBC||TBC|
|TBC||Manchester United vs Derby County||TBC||TBC|
|TBC||Forest Green or Exeter City vs West Brom||TBC||TBC|
|TBC||Doncaster Rovers vs Slough or Rochdale||TBC||TBC|
|TBC||Tottenham vs AFC Wimbledon||TBC||TBC|
|TBC||Middlesbrough vs Sunderland||TBC||TBC|
|TBC||Fleetwood Town or Hereford vs Leicester City||TBC||TBC|
|TBC||Blackburn Rovers or Crewe Alexandra vs Hull City||TBC||TBC|
|TBC||Cardiff City vs Mansfield Town||TBC||TBC|
|TBC||Manchester City vs Burnley||TBC||TBC|
|TBC||Shrewsbury Town vs West Ham||TBC||TBC|
|TBC||Wolves vs Swansea City||TBC||TBC|
|TBC||Stevenage vs Reading||TBC||TBC|
|TBC||Newcastle United vs Luton Town||TBC||TBC|
|TBC||Millwall vs Barnsley||TBC||TBC|
|TBC||Fulham vs Southampton||TBC||TBC|
|TBC||Wycombe Wanderers vs Preston||TBC||TBC|
|TBC||Norwich City vs Chelsea||TBC||TBC|
|TBC||Gillingham or Carlisle United vs Sheffield Wednesday||TBC||TBC|
Chelsea, one of the last teams to be drawn, were handed an away match at Championship club Norwich City.
Hereford, who were one of the lowest-ranked teams in the second round, will be rewarded with a home tie against Leicester City if they can come through a replay against Fleetwood Town.
Slough, who play at the same level of the English pyramid, face Rochdale on Monday night with a trip to Doncaster Rovers waiting for the winner.
League Two side Luton Town can look forward to a visit to St James' Park to face Newcastle United, while Championship high-flyers Wolves will hope to upset struggling Swansea City.
The third-round ties will be played on the weekend commencing January 5, with broadcast details to follow.
Arsenal are the defending FA Cup champions and have won the competition in three of the past four years, with Manchester United interrupting their recent dominance in 2015-16.
Those wins have made the Gunners the most successful team in FA Cup history, with 13 wins - one ahead of United and five ahead of third-placed Tottenham.