FA Cup holders Manchester City will play away against Tottenham Hotspur.
Chelsea face title contenders Aston Villa at Stamford Bridge in another all-Premier League meeting.
Manchester United, who defeated Wigan Athletic on Monday, will be away either to League Two Newport County or National League side Eastleigh.
Elsewhere, top-flight leaders Liverpool have received a favourable home draw as they will take on either Norwich City of the Championship or League One outfit Bristol Rovers at Anfield.
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FA Cup fourth-round draw
Watford v Southampton
Blackburn Rovers v Wrexham
Bournemouth v Swansea City
West Brom v Brentford or Wolves
West Ham or Bristol City v Nottingham Forest or Blackpool
Leicester City v Hull City or Birmingham City
Sheffield Wednesday v Coventry City
Chelsea v Aston Villa
Ipswich Town v Maidstone United
Liverpool v Norwich City or Bristol Rovers
Tottenham Hotspur v Manchester City
Leeds United v Plymouth Argyle
Crystal Palace or Everton v Luton Town or Bolton Wanderers
Newport County or Eastleigh v Manchester United
Sheffield United v Brighton & Hove Albion
Fulham v Newcastle United
