The rivalry between the two clubs is one of the fiercest, and oldest, in world football and the semi-final at Hampden Park in April will be their 401st meeting.
There have been few games between the two in recent years, however, after Rangers were put into administration and liquidation in 2012 before being forced to re-enter in the lowest professional league in Scotland.
The clubs last played in January 2015 in the Scottish League Cup semi-finals, where Celtic cruised to an easy 2-0 victory.
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After climbing their way up the lower leagues, Rangers failed to achieve a return to the top flight last season after losing in the playoffs but, revitalised under new manager Mark Warburton, look odds on to win automatic promotion this year.
Londoner Warburton acknowledged the importance of the Cup game but said Rangers had to focus on promotion before looking ahead to Celtic.
"I understand it is a big game and a big event, and I understand there will by media hysteria, but from our point of view, that game is a long way off and between now and then, we have a lot of work to do in our league campaign,” he told the club's official website.
Celtic striker Leigh Griffiths, who scored in the previous meeting between the clubs, hoped for more of the same after Sunday's Cup draw.
"What a draw ... let's hope it's the same result as last time," he said on his Twitter account.
In the other Cup semi-final, Hibs or Inverness Caledonian will play Dundee United.
(Writing by Peter Rutherford; Editing by Nick Mulvenney)
