The home side overcame Colchester United in the round of 32 to progress to this stage, while MK Dons navigated their way past Newport County in the last round of the competition.
Match preview
Bristol Rovers were promoted from League Two last season, and it has been a strong campaign for the club to date, with a total of 28 points from 21 matches leaving them in 12th spot in the League One table.
Joey Barton's side are actually only three points behind sixth-placed Peterborough United on the same number of matches, and it would be some story if they were in a position to challenge for a spot in the Championship entering the business end of the campaign.
Bristol Rovers will enter this contest off the back of a 1-0 win over Port Vale in the league on Saturday, and they have only lost one of their last seven matches, which proved to be the 2-0 reverse to Boreham Wood in the FA Cup at the end of last month.
The Pirates finished second behind Plymouth Argyle in Group E to advance to the next round of the EFL Trophy, where they recorded a 2-1 victory over Colchester to advance to this stage.
Bristol Rovers ran out 1-0 winners over MK Dons when the two sides locked horns in League One back in October, but they have lost three of their last four games with Tuesday's opponents.
MK Dons, meanwhile, finished third in League One last season, only missing out on automatic promotion by a single point, but they then lost to Wycombe Wanderers in the semi-finals of the playoffs.
The Dons have found it difficult this term, though, picking up only 15 points from their 20 matches, which has left them in 23rd spot in the table.
Liam Manning's side will enter this contest off the back of a 2-1 loss to Fleetwood Town in the league on Saturday, and they have not been victorious in the third tier since the end of October.
MK Dons have enjoyed success in the EFL Trophy this term, though, finishing top of Group C of the Southern Section with six points before beating Newport County 3-1 in the round of 32 last time out.
This tournament is proving to be a welcome distraction from their league troubles, and they will be determined to advance to the quarter-finals of the competition.
Bristol Rovers EFL Trophy form:
L
W
W
W
Bristol Rovers form (all competitions):
D
W
W
L
D
W
MK Dons EFL Trophy form:
L
W
W
W
MK Dons form (all competitions):
L
L
W
L
D
L
Team News
Bristol Rovers boss Barton will make changes to the side that took to the field against Port Vale in the league on Saturday, with Anssi Jaakkola set to feature between the sticks.
John Marquis could also feature in the final third of the field, but Josh Coburn and Aaron Collins should both retain their spots for the home side.
As for MK Dons, head coach Manning could keep faith with the side that took to the field for the first whistle against Newport County in the competition last time out.
If that is the case, there will be at least a couple of changes from the side that started against Fleetwood in the league on Saturday afternoon.
Indeed, Matthew Dennis should feature in the final third of the field for the visitors, while Ethan Robson is expected to come into the side in central midfield.
Bristol Rovers possible starting lineup:
Jaakkola; Gibbons, Thomas, Connolly, Clarke; Evans, Finley, McCormick; Marquis, Coburn, Collins
MK Dons possible starting lineup:
Cumming; Oyegoke, Tucker, O'Hora, Harvie; Robson, Devoy; Burns, Grant, Barry; Dennis
We say: Bristol Rovers 2-1 MK Dons
MK Dons have been in strong form in the EFL Trophy this season, but Bristol Rovers have only lost one of their last seven games in all competitions, and we are finding it difficult to look past Barton's side here when it comes to choosing a winner.