The first round draw for the newly-branded Carabao Cup takes place later today, but how have Wednesday and United fared in the competition in the past?
Both Sheffield Wednesday and Sheffield United have had success in the competition since it was introduced in 1960.
Wednesday won the competition in the 1990-91 season, with it then named the Football League Cup. John Sheridan scored the winning goal in a 1-0 victory over Manchester United at Wembley Stadium in front of 77,612 spectators. Nigel Pearson, who was most recently manager of Derby County, won the man of the match award on that day.
The Owls were unfortunate not to win their second title in the competition within the space of three years as they lost in the final in the 1992-93 season. They fell to a 2-1 defeat to Arsenal despite taking the lead early on through John Harkes. Paul Merson and Steve Morrow got the goals for the Gunners as they came from behind to lift the trophy.
The best run the club have enjoyed in the competition in recent years came in 2015. The Owls knocked out Mansfield, Oxford United, Newcastle United and Arsenal on their way to the quarter-finals where they were eventually beaten by Stoke City. The 3-0 win against Arsene Wenger's side in the fourth round at Hillsborough will live long in the memory of supporters as Ross Wallace, Lucas Joao and Sam Hutchinson all got on the score sheet.
One game which Wednesday fans will not want reminding of is the 7-0 drubbing they suffered at the hands of Manchester City in the third round in the 2014/15 season. The Owls had seen off the likes of Notts County and Burnley to set up the glamour tie at the Etihad Stadium but the Premier League side were far too good and goals from Frank Lampard, Edin Dzeko, Jesus Navas, Yaya Toure and Jose Angel Pozo saw them safely through to the next round in emphatic fashion.
In comparison, Sheffield United have never won the competition but they have made the semi-finals on two occasions. They reached the semi-finals of the competition in the 2002-03 season but were knocked out over two legs by Liverpool. The Blades, then managed by Neil Warnock, came back late on at Bramall Lane to win the first leg 2-1. However, they followed this up with a 2-0 defeat at Anfield as Liverpool progressed with a 3-2 win on aggregate.
United had a great run in the competition in the 2014-15 season, just two years ago. The Blades knocked out the likes of Mansfield Town, West Ham United, Leyton Orient, MK Dons and Southampton to set up a semi-final tie with Tottenham Hotspur. Spurs won the first leg 1-0 at White Hart Lane courtesy of a penalty from Andros Townsend. However, the Blades put up a good fight in the second leg and were unlucky not to progress. Christian Eriksen put Spurs ahead but a double from Che Adams got United right back in the tie. Despite this, Eriksen struck again two minutes from time to seal his side's place at Wembley.
Despite their previous success, United have not performed well in the competition in the last two years. After knocking Morecambe out in the first round in the 2015/16 season, they lost 3-0 to Fulham in the second round as both Kieran Wallace and Jose Baxter were sent off as they finished the game with nine men.
The Blades suffered an embarrassing first round defeat to Crewe Alexandra at Bramall Lane last season. Leon Clarke had given United the lead but Ryan Lowe struck just before full-time before finding the back of the net again in extra time to send the League Two side through to the next round.
With the first round draw taking place later today, both Wednesday and United fans will be hoping they can experience success in the competition once again.