Darren Way’s side will welcome the Sky Bet League One outfit to Huish Park if they win at Kenilworth Road on Tuesday, February 7th (7.45pm).
The Glovers’ fate would have been decided at an earlier date but for a frozen pitch in Bedfordshire.
Oxford are currently midtable in the division but saw off promotion-chasing Bradford City in their rearranged quarter-final at the Kassam Stadium.
Should Town progress, the semi-final will take place the week commencing February 20th.
FULL SEMI-FINAL DRAW
Coventry City v Wycombe Wanderers
Yeovil Town/Luton Town v Oxford United