After playing out a goalless draw on Saturday evening, Bolton v Liverpool will take place at the Macron Stadium on Wednesday, 4th February with a 7:45pm kick-off.
Alan Pardew’s Palace side progressed to the fifth round after beating Southampton 3-2 at St Mary’s.
The last time Liverpool met Palace in the FA Cup was in a fourth round replay in 2003 when the Reds lost 2-0 at Anfield after a goalless draw at Selhurst Park.
Julian Gray and a Stephane Henchoz own goal subjected Gerard Houllier’s men to defeat and a cup exit that day.
The fifth round draw took place shortly after 7.20pm on BBC One’s The One Show.
Ties will be played on the weekend of the 14/15 February, with exact dates, kick-off times and television coverage to be confirmed after the conclusion of fourth round replays.
Full FA Cup Fifth Round Draw
Crystal Palace v Liverpool or Bolton Wanderers
Arsenal v Middlesbrough
Aston Villa v Leicester City
West Brom v West Ham
Bradford City v Sunderland or Fulham
Blackburn Rovers v Rochdale or Stoke
Derby County v Reading
Preston or Sheffield United v Cambridge United or Manchester United