Although the Reds will enter the tie as clear favourites to defeat their League One opponents, Walsall have an excellent record in recent meetings between the two clubs.
Mike Taylor from BBC WM spoke to the BBC website after the fixture was pulled out of the hat and said: "We all love a good footballing hoodoo, so this draw will put Walsall fans in good heart.
"The clubs haven't met for a while but, between 2001 and 2008, the Saddlers were unbeaten in 11 meetings with Forest, winning seven. There were some special performances among them too."
Manager Dean Smith oversaw a relatively quiet summer at the Bescot Stadium, losing just two players from his squad (including goalkeeper Richard O'Donnell who had been linked with Forest) and making three new signings.