In this season's semi-finals, Rangers, the current Sky Sports Cup holders, will go head to head with their longtime rivals Celtic, while Hibs will face off against Aberdeen.
Jo Potter's side - who are currently second in the SWPL - reached the last four with an emphatic 8-1 win away to Motherwell, while Celtic beat Glasgow City on penalties and hope to lift the trophy for the first time since 2021/22
Hibernian, who have won the trophy a record seven times, beat last season's finalists Partick Thistle 4-1 in the quarter-finals.
Aberdeen - the lowest-ranked side remaining in the competition - won 3-1 at Boroughmuir Thistle
The two ties will be played on or before January 19, with the final on March 22/23.
TrendingScotland goalkeepers Gemma Fay and Craig Gordon carried out the draw at Hampden Park.
Fay said: "The Old Firm both want to have their hands on this cup, so a very exciting tie to look forward to."
What are the key dates for the 2024/25 SWPL season?
SWPL 1 winter break - December 23 to January 12, 2025
SWPL 2 winter break - December 16 to January 4, 2025
Final pre-split fixtures - March 2, 2025
Final round of matches - May 18, 2025
Play-off finals - May 22/23, 2025
Cup final - March 22 or 23, 2025