The winner of the competition qualified for the play-off round of the 2024–25 UEFA Conference League.

Liverpool secured a record-extending tenth title following a 1–0 win after extra time, courtesy of club captain Virgil van Dijk's late header.

The draw for this round was split on a geographical basis into "northern" and "southern" sections.

A total of 32 clubs played in the third round: the 8 Premier League clubs involved in European competition, Arsenal, Aston Villa, Brighton & Hove Albion, Liverpool, Manchester City, Manchester United, Newcastle United, and West Ham United entered the competition at this stage plus the 24 winners from the second round.

League One side Port Vale were the lowest-ranked team in the draw, which took place on 1 November.