"It could have been a good deal worse," said Portsmouth manager Harry Redknapp, whose side are one of six Premier League teams left in the competition.
"It's a decent draw against a club with great history and I'm looking forward to going up there maybe meeting people like Tom Finney.
"Everyone wants a home tie at this stage but we are quite happy about this.
"We've got a chance because we have our Africa Nations Cup players back and when we're at our strongest I think we can give anybody a game."
And two Championship sides are guaranteed a berth in the quarter-finals as Cardiff City host Wolves at Ninian Park and Coventry City take on West Brom at the Ricoh Arena.
Premier League champions Manchester United have won the FA Cup a record 11 times, while Arsenal have collected the famous trophy on 10 occasions.
The two teams last met in the final in 2005, a match which Arsenal won 5-4 on penalties after a goalless 120 minutes.
Meanwhile Sheffield United will be hoping for another Premier League scalp after their 2-1 victory over Manchester City when they take on Middlesbrough at Bramall Lane.
And Blades manager Robson will come face-to-face with his former club, whom he guided to the 1997 FA Cup final during his six-and-a-half years in charge at the Riverside Stadium.
"It's a very interesting draw. It's one the lads are entitled to think they are in with a chance of winning after beating two Premier League sides already," said Robson.
"Personally, I've still got a lot of good friends at Middlesbrough, including (chairman) Steve Gibson, and it will be nice to see them again."
Fifth round fixtures:
Bristol Rovers v Southampton
Cardiff City v Wolves
Sheffield United v Middlesbrough
Liverpool v Barnsley
Manchester United v Arsenal
Preston v Portsmouth
Coventry City v West Brom
Chelsea v Huddersfield Town
The ties are scheduled to take place on 16 and 17 February.
