The Trotters are fourth in the third tier, nine points adrift of the top two, while the hosts have more modest ambitions this season, and will have their sights set on avoiding relegation.
Match preview
Accrington have had a difficult campaign up to this point, currently sitting 20th in the League One standings, just one point clear of the relegation zone, although they have played at least one fewer game than most of the teams around them.
A lack of goals is what has stopped the Reds from challenging higher up the table, given that they have only scored 26 goals in their 30 matches in the third tier, only one more than bottom-of-the-table Forest Green Rovers.
In their last five League One games, John Coleman's side have found the back of the net on two occasions, however one of these came during a crucial victory last time out, in Stanley's first win in six games in all competitions.
It was a closely-contested match, but Accrington emerged 1-0 victors against Shrewsbury Town at the Wham Stadium, with Aaron Pressley striking the only goal of the game early in the first half, and they are now tasked with following that result up on Wednesday.
To reach this stage of the competition, the Reds have beaten decent League One outfits in Lincoln City and Burton Albion, but the upcoming match will likely be their toughest yet, considering they have already lost at home to Bolton this season.
Indeed, the Wanderers came from two goals down to defeat Accrington at the Wham Stadium back in October, in what was one of many fantastic performances so far this season, and they are still in contention for promotion from League One.
Ian Evatt's side have won five of their last six games in the league, conceding just twice, while they have also racked up some impressive victories, defeating both Peterborough United and MK Dons 5-0.
Bolton have not had an easy run to the semi-final stage, taking on the likes of Manchester United U21s and most recently Portsmouth, who they defeated 1-0 at the Toughsheet Stadium, courtesy of Jon Dadi Bodvarsson's first-half goal.
However, the Trotters did come unstuck in their last away trip, losing 1-0 against fellow promotion-chasers Wycombe Wanderers on Saturday, despite dominating the majority of the possession.
It remains to be seen just how seriously Evatt will take the EFL Trophy, given that a return to the Championship is no doubt Bolton's main aim, but they are now just one game away from playing at Wembley for the first time since the 2011 FA Cup semi-final.
Accrington Stanley EFL Trophy form:
W
D
W
W
W
W
Accrington Stanley form (all competitions):
L
L
D
D
L
W
Bolton Wanderers EFL Trophy form:
W
D
W
W
W
W
Bolton Wanderers form (all competitions):
W
W
W
W
W
L
Team News
With a first ever trip to Wembley at stake for Accrington, Coleman is likely to pick a very strong starting lineup, and Pressley is set to lead the line alongside Shaun Whalley, with the former scoring his second goal for the club last time out.
However, one player who the Reds may have to do without is Sean McConville, after being forced off in the second half against Shrewsbury at the weekend, so Mitchell Clark could come into the team.
Accrington have had a tough times with injuries at times this season, and defender Ryan Astley is expected to miss out again, having not been in the squad for the last four matches.
Bolton are down to bare bones for Wednesday's fixture, with several key players on the treatment table, including Kyle Dempsey and Cameron Jerome, with the latter player suffering from a back spasm.
Victor Adeboyejo would normally be the natural choice at striker instead of Jerome, however he is cup-tied, and the same applies to Shola Shoretire and Dan Nlundulu, so Evatt will be forced into playing a very different side to the one on Saturday.
Josh Sheehan is poised to replace Dempsey in midfield, while Kieran Lee should get the nod slightly further forward, and Dion Charles could partner Elias Kachunga in attack.
Accrington Stanley possible starting lineup:
Jensen; Fernandes, Rodgers, Sangare; Longelo-Mbule, Leigh, Conneely, Clark, Quirk; Whalley, Pressley
Bolton Wanderers possible starting lineup:
Trafford; Toal, Santos, Mbete; Bradley, Morley, Sheehan, John, Lee; Charles, Kachunga
We say: Accrington Stanley 0-2 Bolton Wanderers
With a place at Wembley on the line, both sides will be very keen, but Bolton just have that extra bit of quality, which was demonstrated in the clash at the same ground earlier this season.
Accrington will give it their all, but the two teams are at opposite ends of the League One table for a reason, and the visitors should ultimately be comfortable winners.