Watford are currently top of the Championship and beat the Eagles 2-0 at Selhurst Park in October.
The tie will likely be played on Saturday 5th January - although it could be moved in the unlikely instance of it being picked for TV.
F.A. Cup Third Round draw
Preston v Scunthorpe Port Vale/Chasetown v Cardiff
Colchester v Peterborough
Bolton v Sheffield United
Blackburn v Coventry
Brighton v Mansfield
Northampton/Walsall v Millwall
Charlton v West Brom
Watford v Crystal Palace
Luton/Nottingham Forest v Liverpool
Plymouth v Hull
Aston Villa v Manchester United
Tranmere v Hereford
Tottenham v Reading
Burnley v Arsenal
Bristol City v Middlesbrough
Fulham v Bristol Rovers
Huddersfield v Birmingham
Horsham/Swansea v Havant & Waterlooville
Sunderland v Wigan
Oxford/Southend v Dagenham & Redbridge
Everton v Oldham
Derby v Sheffield Wednesday
Southampton v Leicester
West Ham v Manchester City
Ipswich v Portsmouth
Wolves v Cambridge
Barnsley v Blackpool
Chelsea v QPR
Stoke v Newcastle
Swindon v Burton Albion/Barnet
Norwich v Bury