Following a 2-0 victory over Wolverhampton Wanderers, courtesy of goals from Liandro Martis and Harvey Barnes, the Foxes will welcome Villa to Leicester later this month.
Villa, second in Premier League 2 Division 2, overcame Middlesbrough at Heritage Park earlier this week and will go head-to-head with City for a place in the final.
Ticket details and sales information will be confirmed and announced on LCFC.com in due course.