Warrington's reward for their 44-24 Tetley's Challenge Cup quarter-final victory over Huddersfield is a semi-final tie against Hull.
Super League strugglers London Broncos will meet the winners of Monday's remaining quarter-final between Wigan and Widnes in the other last-four clash.
The draw was made by former Wigan favourite Henderson Gill and ex-Warrington winger Des Drummond at the Halliwell Jones Stadium after the Wolves, who are bidding for a fourth Wembley victory in five years, had comfortably seen off the Giants.
Hull, who were 24-13 winners over Catalan Dragons in Perpignan on Saturday, were the last away team to win at the Halliwell Jones Stadium when they won 22-16 in the Super League in May.
Warrington coach Tony Smith insisted he took no pleasure from avoiding Super League leaders Wigan in the last four.
"It didn't really matter who we drew," he said. "That's doing a dis-service to Hull.
"They are a good team and we've had some really good battles with them this year. We've had a draw and a loss so far."
Wigan or Widnes v London Broncos
Hull v Warrington
Ties to be played on the weekend of July 27-28