Dundee have been rewarded for knocking Aberdeen out of the Co-operative Insurance Cup with a home quarter-final against Rangers.
Dee became the only side from outside the Scottish Premier League to reach the last eight thanks to a 3-2 extra-time victory over the Dons on Tuesday.
The sides have not met in the competition for more than 21 years and have not played at all since Dundee were relegated from the SPL in 2005.
Their last knockout clash came in the 2003 Scottish Cup final, which Rangers edged 1-0 courtesy of a Lorenzo Amoruso goal.
Jim Lauchlan believes the drop in the standard of Old Firm players in recent years gives Dundee a fighting chance.
The former Kilmarnock and Dundee United defender, 32, said: "If I'm being honest we didn't want to get either of the Old Firm, we wanted a lesser SPL side.
"But we've drawn Rangers and it's a game that we can look forward to.
"Over the last two or three years the standard of player at Celtic and Rangers has dropped, just because of the finances.
"So from our point of view, hopefully we are in good form at the time and if we are then we can go in to the game with confidence.
"It will be a full-house at Dens and if we get a wee bit of luck and take our chances on the night then we can go through."
Lauchlan added: "Beating Aberdeen will give us confidence.
"Before the game there was a lot things said from the Aberdeen side.
"It was said that we didn't have enough quality to beat them but on the night we were worthy winners.
"We passed the ball well, created a lot of chance and Aberdeen got off lightly with the scoreline of 3-2.
"But you have to come up against the Old Firm at some stage and if the keeper has a great night and pulls off two or three saves and we are able to take any chances we make, then anything can happen."
Dundee's bid to get back to the SPL next season is being bankrolled by multi-millionaire businessman Calum Melville which has led to an increase in expectation on Tayside.
However, Lauchlan insists he is thriving under that pressure.
He said: "With the glom and doom in Scottish football at this time, it's great to be at a club that has real ambition.
"The directors have spent a bit of money and the fans have bought in to that.
"We are taking two and three thousand fans away from home, we are playing to big crowds at home and that brings its own pressure but it's a nice pressure.
"We have an experienced squad of players and we make no bones about it, we are looking to win the division and get to the SPL where a club like Dundee belongs."
St Mirren have failed to win their first 10 SPL games at their Greenhill Road stadium but manager Gus MacPherson was pleased to be drawn at home against Motherwell.
Saints knocked Well out of the Scottish Cup last season with a 1-0 victory at the new St Mirren Park.
"I think a lot of people would prefer we were away from home, because already this season we have had some good performances away," said MacPherson, whose team won 2-1 at Kilmarnock in the third round.
"But I would rather be at home because it's a good advantage.
"The games we have won have been cup ties against Motherwell and Celtic so we know we are capable of winning games at home."
Holders Celtic will host Hearts after both sides won their third-round ties last night while St Johnstone host Dundee United.
Ties will be played on the evenings of October 27 and 28.