The two clubs have not met competitively since Wolves' Championship-winning season of 2008/09, when a 2-1 away win was followed by a 3-0 victory on Easter weekend at Molineux.
They did meet in a pre-season friendly back in 2012, when the Premier League side won 2-0.
Wolves and Southampton have only been drawn together once before in the League Cup, back in 1984.
Two goals from on-loan striker Jim Melrose secured a 2-2 draw in the third round tie at The Dell, but Wolves were beaten 2-0 in the replay at Molineux.
Southampton reached the final of the competition last season, being beaten 3-2 by Manchester United at Wembley.
The Carabao Cup tie at St Mary's Stadium will be played in the week beginning August 21st and ticket details will be announced when finalised.
