Wycombe face a 430-mile round trip to two-time winners Blackpool, while League One strugglers Coventry play Brighton Under-21s at the Ricoh Arena.
Luton, winners of the competition in 2009, take on 2012 champions Chesterfield while Mansfield will host the winner of Walsall v Oldham.
There is also one all under-21 side match, with Swansea hosting Wolves.
A total of six development sides are left in the competition.
The matches will be played in the week starting 9 January, apart from Cheltenham or Leicester U21 v Bradford.
Leicester's development team travels to Cheltenham on 10 January, in a second-round match postponed because of the Foxes' Champions League schedule.
Mansfield Town v Walsall or Oldham
Luton v Chesterfield
Oxford v Scunthorpe
Blackpool v Wycombe
Cheltenham or Leicester U21 v Bradford
Yeovil v Southampton U21 or Reading U21
Coventry v Brighton U21
Swansea U21 v Wolves U21
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League One leaders Scunthorpe United will travel to Oxford United in the last 16 of the EFL Trophy.