The draw will be shown live on Sky Sports News HQ, with details also available via City's official website, Twitter and Facebook pages.
City booked their spot in the last sixteen on the competition with a 1-0 win over Cambridge United at the Northern Commercials Stadium on Wednesday.
The round three draw will be unseeded and NOT regionlised, meaning City could be drawn either home or away to any of the remaining northern or southern teams left in the competition.
Teams left in the trophy include:
Wolverhampton Wanderers U21s
Brighton & Hove Albion U21s
Mansfield Town
Blackpool
Swansea City U21s
Chesterfield
Scunthorpe United
Oxford United
Luton Town
Yeovil Town
Coventry City
Wycombe Wanderers
Walsall/Oldham Athletic *
Southampton U21s/Reading U21s *
Cheltenham Town/Leicester City U21s *
Brighton & Hove Albion U21s
Mansfield Town
Blackpool
Swansea City U21s
Chesterfield
Scunthorpe United
Oxford United
Luton Town
Yeovil Town
Coventry City
Wycombe Wanderers
Walsall/Oldham Athletic *
Southampton U21s/Reading U21s *
Cheltenham Town/Leicester City U21s *
* Round two ties still to be played