FA Cup holders Manchester City have been drawn away to Tottenham in the fourth round, while Maidstone United – the lowest-ranked side left in the competition – travel to Championship high-flyers Ipswich.
There could also be a non-League versus Premier League tie between Eastleigh and Manchester United, if the fifth-tier side win their home third-round replay against League Two Newport after United beat Wigan on Monday night.
There are potentially six all-Premier League ties with Chelsea hosting Aston Villa, and Newcastle going to Fulham.
Liverpool, who beat Arsenal at the Emirates Stadium on Sunday, will be at home against either Norwich or Bristol Rovers.
The draw has also raised the possibility of a Black Country derby between West Brom and Wolves, with the Premier League side needing to win their replay against Brentford to set up a fourth-round tie at the Hawthorns.
The fourth-round matches will be played across the weekend of January 27.
FA Cup fourth-round draw in full
Watford vs Southampton
Blackburn vs Wrexham
Bournemouth vs Swansea
West Brom vs Brentford or Wolves
West Ham or Bristol City vs Nottingham Forest or Blackpool
Leicester vs Hull or Birmingham
Sheffield Wednesday vs Coventry
Chelsea vs Aston Villa
Ipswich vs Maidstone United
Liverpool vs Norwich or Bristol Rovers
Tottenham vs Manchester City
Leeds vs Plymouth
Crystal Palace or Everton vs Luton or Bolton
Newport or Eastleigh vs Manchester United
Sheffield United vs Brighton
Fulham vs Newcastle
