After entering the competition at the Round Two stage, Nuno Espirito Santo’s men secured their third round place earlier this week by defeating Sheffield Wednesday 2-0 at Hillsborough.
Leicester City ran out 4-0 winners over Fleetwood Town at the King Power Stadium to reach this stage of the competition.
Wolves last faced the Foxes in the second week of the Premier League season and fell to an unfortunate 2-0 defeat through an own goal and a deflected James Maddison strike.
The Foxes' most recent trip to Molineux came in the Sky Bet Championship in September 2012 and fell to a 2-1 defeat, with the Wolves goals coming from Sylvan Ebanks-Blake and Richard Stearman.
The Round Three tie will be played the week commencing Monday, 24th September. Match information and ticket details will be confirmed in due course.
