The game has been handpicked by the BBC, who will broadcast the cup tie live from Molineux as the Premier League pair battle it out for a place in the last 32.
The draw for the Fourth Round will take place immediately after full-time, also live from Molineux.
Should the tie finish level and result in a replay at Anfield, or Manchester City are held by Rotherham, Wolves’ Premier League clash at the Etihad Stadium will be brought forward to Sunday 13th January.
The trip to Manchester is currently scheduled for Monday 14th January, so supporters are strongly advised to delay arranging any travel and accommodation for the game.
Ticket prices and dates will confirmed in due course.