After Saturday's goalless draw at the Coral Windows Stadium, both City and Reading were in the hat for the last four and their shared ball number two was drawn out with Arsene Wenger's Gunners.
The North London side booked their spot in the semis with a victory at Manchester United shortly before the draw.
Semi final ties are due to take place over the weekend of the 18/19 April 2015 at Wembley Stadium.
City, of course, have fresh memories of defeating Arsenal after beating the Premier League giants on penalties in a Capital One Cup Quarter Final back in December 2012.
City and Reading are scheduled at present to meet next Monday (16 March 2015) in their quarter final replay to decide who will play Arsenal in the semis.
Ticket details for City supporters for the Reading replay will be confirmed shortly.