The Blues beat Cardiff 3-1 on Tuesday to book their place in the last four, but will need to wait until next week to see who they face at Stamford Bridge.
In the other tie, holders Newcastle, who left it late to beat Fulham 2-1 on Wednesday, were drawn against Man City, who beat Brentford 2-0.
Carabao Cup semi-final draw
Chelsea v Arsenal or Crystal Palace
When do Arsenal and Crystal Palace play each other?
The final EFL Cup quarter-final between London rivals Arsenal and FA Cup holders Crystal Palace was pushed to Tuesday, December 23rd due to Palace's involvement in the UEFA Conference League.
The fixture was due to be held at the Emirates Stadium this week, but was moved back to avoid the Eagles playing three games in five days.
Gunners boss Mikel Arteta was furious the fixture had to be re-arranged but acknowledged the predicament Palace faced.
Speaking in October, he said: "I don't think that is fair (if the match is rescheduled) because we have other competitions as well.
"We knew at the start of the season the competitions that each club is playing in, so on balance we have to try to accommodate the best possible way for everybody."
Due to the rearranged fixture, Arsenal's Premier League match against Everon was moved forward to Saturday, December 20th to avoid them playing twice in 48 hours.
When is the Carabao Cup semi-final and final?
The semi-final first leg will take place week commencing January 12th, 2026, with the second leg fixtures played week commencing 2nd February 2026.
Wembley will host the Carabao Cup final on Sunday, March 22nd.