Wolves actually faced City the last time they reached the fourth round stage of the competition, in the 2011/12 season, when they were beaten 5-2 at Molineux.
All in all the sides have met five times in the competition, including of course the 1974 final, which Wolves won 2-1 with goals from John Richards and Kenny Hibbitt.
Of the five meetings to date Wolves have won two and City three.
Pep Guardiola's side have got off to a blistering start so far this season, winning six of their seven games so far, scoring 21 goals in the process.
The tie will be played during the week commencing Monday, October 23rd.
The date and ticket details will be announced when confirmed.