In the end Reading fans got neither and must be contented with a tough away tie at the Bescot Stadium in early January.
Whilst on paper it is a tie that Reading would expect to win but Walsall, currently eighteenth in the league, won't be easy to beat. Back in August the Royals beat the Saddlers thanks to two goals from attacking-midfielder Andy Hughes.
Ticket details for the match will be available shortly.
Elsewhere, Oxford United were well rewarded for a 1-0 win over Swindon in the Thames Valley derby, they will travel to Highbury to play holders Arsenal. Meanwhile, First Division leaders Portsmouth will face a tough test of their Premiership credentials at Old Trafford.
The draw has managed to pit many Premiership sides against one another; two of last seasons semi-finalists in Chelsea and Middlesborough meet, Liverpool travel to Maine Road to play Manchester City, Bolton play Sunderland, Fulham meet Birmingham, Aston Villa must overcome Blackburn and Southampton are away at Tottenham.
The Full Third Round Draw:-
Leicester City v Bristol City
Scunthorpe or Carlisle v Leeds
Gillingham v Sheffield Wednesday
Chelsea v Middlesbrough
Ipswich Town v Morecambe
Preston NE v Bristol Rovers or Rochdale
Manchester City v Liverpool
Shrewsbury Town v Everton
Southend United or Bournemouth v Crewe
Plymouth Argyle v Dagenham & Redbridge
Cambridge United or Northampton v Millwall
Bolton Wanderers v Sunderland
Darlington v Farnborough
Walsall v Reading
Fulham v Birmingham City
Stoke City v Wigan Athletic
West Ham United v Nottingham Forest
Charlton Athletic v Exeter City
Sheffield United v Cheltenham
Aston Villa v Blackburn Rovers
Cardiff City v Coventry City
Wolverhampton Wanderers v Newcastle
Southampton v Tottenham
Norwich City v Brighton
Arsenal v Oxford United
Grimsby Town v Burnley
West Brom v Bradford City
Rotherham United v Wimbledon
Brentford v Derby County
Blackpool v Crystal Palace
Manchester United v Portsmouth
Macclesfield Town v Watford