The two sides also met last season as City went on to win the trophy, with Pep Guardiola's side winning 3-0 at the Kassam Stadium.
The Spanish manager said of his opponents: "[They have] the same manager. They've changed a little bit to how they set up last season but they play quite similar in terms of attacks. One game away, anything can happen. We'll try to go there and win and get into the semi-final."
After four successive victories in all competitions, Oxford have drawn two and lost one of their last three games, and manager Karl Robinson is well aware of the task facing his side this week.
"It's a massive challenge because you are coming up against one of the greatest teams in the land and arguably the greatest team in the world, or one of them, with the best manager over the last 15 years, so it's going to be a very, very difficult ask for us," he said.
"But it's one we want to embrace and try and enjoy and hopefully give Oxford something to be proud of. On any given day these are fantastic, these are some of the best players in the world so you've just got to make sure you do your job correctly."
Team news
Oxford have a host of injury problems, with top scorer James Henry a major doubt after missing Saturday's Sky Bet League One defeat at MK Dons because of a thigh issue.
Anthony Forde (ribs), Jamie Hanson (hamstring), and George Thorne (shoulder) and on-loan Liverpool forward Ben Woodburn (foot) remain out, along with Simon Eastwood (knee). Cameron Brannagan and Shandon Baptiste should be available having returned from injuries at the weekend.
City boss Pep Guardiola must decide how strong a side to name as he continues to contend with a number of absentees.
The two-time defending champions will again be without John Stones (hamstring), Sergio Aguero (thigh) and David Silva (knock), although the latter two could be available for the weekend.
Youngsters like Tommy Doyle, Adrian Bernabe - who both played in the previous round - Ian Carlo Poveda-Ocampo and Taylor Harwood-Bellis will hope to feature.