The semi-final clash will be the second meeting between the two sides in just a matter of days after Blackpool recorded a narrow 2-1 win in Saturday's league fixture.
Match preview
Blackpool are dreaming of winning their first EFL Trophy since 2004, with the Tangerines just one game away from sealing their place at Wembley.
They breezed through the group stage with a 100% record, before they negotiated knockout-round ties against Barnsley and Burton Albion.
The Tangerines were then involved in a nervy quarter-final encounter against Bolton Wanderers, with Neil Critchley's side prevailing on penalties after the two teams had played out a goalless draw.
Blackpool went three games without a win following their penalty shootout success, but they managed to return to winning ways in Saturday's away meeting with Peterborough, as they showed great character to come from behind and claim a 2-1 victory thanks to a Shayne Lavery penalty and Karamoko Dembele's stoppage-time winner.
In contrast to the weekend, the Tangerines will have home advantage for the semi-final tie, which may fill the hosts with confidence as their only defeat in their last 11 home matches came after extra-time in their FA Cup third-round replay against Nottingham Forest.
Peterborough, meanwhile, are looking to win the EFL Trophy for the second time in their history after previously claiming the silverware in the 2013-14 campaign.
The Posh collected six points from a possible nine to finish top of their group, before going on to eliminate Arsenal Under-21s and Crawley Town.
Darren Ferguson's side rounded off January with a 3-1 win over AFC Wimbledon in the quarter-final to set up just their second meeting with a fellow League One side in this season's competition.
Rather than build upon their commanding win over the Dons, Peterborough have gone on to lose four consecutive matches, damaging their hopes of achieving automatic promotion.
With the Posh desperate to return to winning ways on Tuesday, they will take encouragement from their most recent trip to Bloomfield Road in October when they produced a free-scoring display to clinch a 4-2 victory.
Blackpool EFL Trophy form:
W
W
W
W
W
W
Blackpool form (all competitions):
D
W
L
D
L
W
Peterborough United EFL Trophy form:
W
W
L
W
W
W
Peterborough United form (all competitions):
D
W
L
L
L
L
Team News
Blackpool will be unable to call upon forward Jordan Rhodes, who has missed the last five matches due to a rib injury.
Richard O'Donnell will replace Daniel Grimshaw in goal after featuring in all six of Blackpool's EFL Trophy games this season.
Critchley could be tempted to freshen up his side, with Callum Connolly, Oliver Casey, Matty Virtue and Dembele all in contention to start the semi-final clash.
As for the visitors, they remain without the services of Will Blackmore and Jacob Wakeling due to hip and ankle injuries respectively.
Goalkeeper Nicholas Bilokapic could come back into the side after losing his place to Jed Steer for Saturday's defeat to Blackpool.
Ferguson could make a few alterations to his lineup, which may lead to starting places for Jeando Fuchs, David Ajiboye and Malik Mothersille.
Blackpool possible starting lineup:
Grimshaw; Pennington, Casey, Connolly; Lawrence-Gabriel, Virtue, Norburn, Morgan, Coulson; Dembele, Lavery
Peterborough United possible starting lineup:
Bilokapic; Katongo, Knight, Edwards, Burrows; Fuchs, Collins; Ajiboye, Randall, Mason-Clark; Mothersille