The fixture will be played the week commencing January 23rd at Kenilworth Road.
Darren Way’s side progressed to the last eight of the competition with an comprehensive 4-2 win over Reading Under-23s.
Former Town player Nathan Jones led his side to this stage with a resounding 4-0 win over Chesterfield.
The draw took place live on Sky Sports News at 11.30am.
QUARTER-FINAL DRAW IN FULL
Luton Town v Yeovil Town
Mansfield Town v Wycombe Wanderers
Oxford United v Cheltenham Town/Bradford City
Swansea City U21 v Coventry City