Celtic and Rangers will meet in the last four of the Scottish Cup, while Championship side Inverness Caledonian Thistle take on third tier Falkirk.
The ties will be played at Hampden Park on the weekend of 29/30 April, with the final on 3 June.
Rangers are the cup holders, while Celtic are chasing a possible treble.
Rangers beat Celtic at the semi-final stage last season, but have not won against their Glasgow rivals in four matches since then.
Premiership leaders Celtic enjoyed a 2-1 victory over Rangers at Hampden in last month’s Viaplay Cup final and are currently on a 13-match winning streak in all competitions, having lost just once domestically all season.
The last Old Firm Scottish Cup final was in 2002, while this will be the fifth semi-final since then.
Caley Thistle, cup winners in 2015, were reinstated to the competition after losing to Queen’s Park in the fourth round since their opponents fielded an ineligible player.
Falkirk, who were runners-up to Caley Thistle eight years ago, lifted the cup in 1913 and 1957.
They become the first third tier side to reach the last four since Rangers in 2014 after coming from behind to beat Championship Ayr United 2-1 on Monday evening.
