The Reds, who have won the competition a record eight times, will lock horns with a team who have lifted the trophy on five occasions in what is the standout tie of the round.
The two sides last met in this competition in 2015, when Chelsea emerged victorious from a two-legged semi-final.
Holders Manchester City face a trip to League One strugglers Oxford United, while Manchester United are at home to Derby County, who are managed by former Chelsea and Man City midfielder Frank Lampard.
Arsenal, who reached the final last team, will host Championship side Brentford in a London derby, while League Two outfit Macclesfield Town, the lowest ranked side left in the competition, are away at West Ham United.
Ties will be played in the week commencing September 24.
Third round draw in full:
West Bromwich Albion vs. Crystal Palace
Arsenal vs. Brentford
Burton Albion vs. Burnley
Wycombe Wanderers vs. Norwich City
Oxford United vs. Manchester City
West Ham United vs. Macclesfield Town
Millwall vs. Fulham
Liverpool vs. Chelsea
Bournemouth vs. Blackburn Rovers
Preston North End vs. Middlesbrough
Wolverhampton Wanderers vs. Leicester City
Tottenham Hotspur vs. Watford
Blackpool vs. Queens Park Rangers
Everton vs. Southampton
Manchester United vs. Derby County
Nottingham Forest vs. Stoke City