Arsenal U21, Chelsea U21, Charlton or Stevenage await the Blues
Town have been placed in Draw A of the Southern section of the Papa John's Trophy round of 32 draw.
Following yesterday's announcement that West Ham U21 have been docked three points, the Blues have progressed to the knockout stages as group winners.
Group winners will be drawn at home against runners-up within the same regionalised sections, which have both been split into two draws of eight teams.
Town, who are ball one in the Southern section, will host one of Chelsea U21, Arsenal U21, Charlton or Stevenage at Portman Road.
Paul Cook's side will learn their round of 32 opponents in Saturday's draw, which takes place live on Sky Sports following the televised midday League Two fixture between Port Vale and Bradford City.
Second round ties will be played in the week commencing 29 November.
Southern section Draw A ball numbers:
1 - Ipswich Town
2 - Sutton United
3 - Aston Villa U21
4 - Forest Green Rovers
13 - Chelsea U21
14 - Arsenal U21
15 - Charlton Athletic
16 - Stevenage