Nuno Espirito Santo’s side will take on the Championship side at Molineux the week commencing 23rd September.
The tie will be the first meeting between the two sides since March 2018 when Matt Doherty scored twice in a 3-0 Wolves victory.
The Royals are currently sat 11th in the Championship after two victories and a draw from their opening five matches.
In the previous rounds of the Carabao Cup, Reading dispatched of Wycombe Wanderers and Plymouth Argyle.
Ticket information for the cup tie will be announced in due course.