Rangers will play Celtic in the Scottish Cup semi-finals while Hibernian or Inverness Caledonian Thistle will play Dundee United.
The ties will be played on the weekend of 16 and 17 April.
Holders Inverness will host Hibs in their replay on 16 March.
Hibs, third in the Championship, were knocked out by Falkirk at the last-four stage in 2015 and will play Ross County in next Sunday's League Cup final.
Celtic beat Rangers 2-0 in last season's League Cup semi-final and went on to win the tournament.
However, Ronny Deila's side, who won last season's top flight, lost their Scottish Cup semi-final against Inverness with the Highlanders then beating Falkirk in the final.
Rangers - currently 12 points clear at the top of their division - were beaten by Dundee United in the 2014 cup semi-final. The Tangerines lost that year's final to St Johnstone.
Ibrox manager Mark Warburton told the Rangers website: "I understand it is a big game and a big event, and I understand there will by media hysteria, but from our point of view, that game is a long way off and between now and then, we have a lot of work to do in our league campaign."
And Celtic forward Leigh Griffiths, who scored against Rangers in last year's meeting at Hampden, said on Twitter: "What a draw...lets hope it's the same result as last time. Few big games before that though...hopefully today was a start of something."
Scottish Cup semi-final draw
Rangers v Celtic
Hibernian or Inverness Caledonian Thistle v Dundee United
Ties to be played on the weekend of 16/17 April.