Twelve-time FA Cup winners Manchester United, who beat Wigan Athletic on Monday, will play a fourth-round match at either Newport County or Eastleigh.
FA Cup holders Manchester City face a tricky trip to Tottenham Hotspur, while in-form Aston Villa have been drawn to face Chelsea at Stamford Bridge.
Fulham welcome Newcastle United and Sheffield United host Brighton & Hove Albion in other all-Premier League ties, with matches scheduled to be played over the Jan. 27-28 weekend.
League leaders Liverpool, who knocked Arsenal out in the third round, received a more favourable draw on Monday.
Jurgen Klopp's team will host the winners of the replay between Norwich City and Bristol Rovers.
Sixth-tier Maidstone United, the lowest-ranked side left in the competition, travel to second-tier Ipswich Town.
The winners of the replay between Crystal Palace and Everton will host either Luton Town or Bolton Wanderers.
League Two side Wrexham A.F.C., who beat Shrewsbury Town on Sunday and also reached the fourth round last season, will visit Blackburn Rovers.
Full FA Cup 4th Round Draw
Watford v Southampton
Blackburn Rovers v Wrexham
Bournemouth v Swansea City
West Bromwich Albion v Brentford/Wolverhampton Wanderers
West Ham United/Bristol City v Nottingham Forest/Blackpool
Leicester City v Hull City/Birmingham City
Sheffield Wednesday v Coventry City
Chelsea v Aston Villa
Ipswich Town v Maidstone United
Liverpool v Norwich City/Bristol Rovers
Tottenham Hotspur v Manchester City
Leeds United v Plymouth Argyle
Crystal Palace/Everton v Luton Town/Bolton Wanderers
Newport County/Eastleigh v Manchester United
Sheffield United v Brighton & Hove Albion
Fulham v Newcastle United