Town have confirmed that the FA Cup third round tie against Vanarama National League Lincoln City at Portman Road will take place on Saturday 7th January (KO 3pm).
The Imps, who are second in their division, unbeaten in their last 15 matches, beat Oldham Athletic 3-2 at Sincil Bank in their second round tie on Monday to confirm the first ever cup tie between the clubs.
The teams last played one another in the league in Town's 1960/61 Division Two championship season when Sir Alf Ramsey's side ran out 3-1 winners at home and 4-1 away.
Overall, Town have won five of the games between the sides, all of which have been in the second tier, and Lincoln three with two ending in draws.
The Lincoln squad includes defender Lee Beevers, who came through the Town academy and was a young pro at Portman Road before being released in the summer of 2003 without making a senior appearance. The 33-year-old was previously with the Imps between 2005 and 2009 before rejoining them after leaving Mansfield in the summer of 2015.
Boss Mick McCarthy is yet to win an FA Cup tie as Blues manager with Town's last win in the competition the 2-1 victory at Blackpool at the third round stage in January 2010 under Roy Keane’s management.
Last season the Blues were beaten in the third round by League Two Portsmouth - featuring Adam Webster - after a replay.
Asked whether he was pleased with the draw at this afternoon's press conference, McCarthy said: "Yes, I’d have taken anything at home.”
Lincoln boss Danny Cowley says he is looking forward to crossing swords with McCarthy.
"Ipswich Town are a big club, a very big club," the former Braintree manager, whose brother Nicky is his assistant, told Non-League Daily.com.
"We have family in Chelmsford and they are Ipswich supporters so that add a special feel to the game.
"But going up against Mick McCarthy, with all of his experience, will be a great challenge for us.
"This gives us a new challenge, a big test and it will help us to improve how we organise ourselves, to see just how good we are.
"The game, whatever happens, will help us for the rest of the season and beyond."