A single point separates the two clubs in the third-tier table ahead of this cup tie, with a potential match against a Premier League giant on the cards for the winners in the next round.
Match preview
When League One's basement-dwellers Forest Green Rovers arrived in Oxfordshire last Saturday, Karl Robinson's side were heavy favourites to take all three points and move themselves into the top half of the standings.
Things started well when James Henry put The U's in the lead within 20 minutes, but a second-half performance that Robinson described as his side's worst all season allowed the visitors to equalise and force a share of the spoils - with a point quite generous to an Oxford team who barely posed a threat after the interval.
That stalemate against Rovers extended Oxford's unbeaten run to six games in the league, but with four of those fixtures ending in 1-1 draws, United have struggled to climb the League One table and are sitting in 13th position, six points behind sixth-placed Barnsley.
Newly-appointed Chief Executive Tim Williams has stated his aim to make Oxford United a top-30 club within the English game as well as regulars in the Championship, an ambition that led club officials to visit Formula 1 team Alpine this week as they look to learn about recovery from their sports science staff.
A battling first-round success at non-league Woking was as far away from the glitz and glamour of Formula 1 as possible, but nevertheless Oxford fans saw a different side to their team in that hard-earned win at The Laithwaite Community Stadium which bodes well for Saturday's second-round match.
Exeter City have continued to progress as a team despite the exit of former boss Matthew Taylor to Rotherham United in October, with the Devon-based club impressing in their first season back in the third tier since the 2010-11 campaign.
Gary Caldwell's side are currently 11th in League One, five points away from the play-off positions but most importantly a healthy 11 points ahead of MK Dons in the highest of the relegation places.
A 2-0 home defeat to Ipswich Town last weekend continued Exeter's trend of struggling against the bigger names in League One, with Caldwell's men suffering 4-2 losses to Plymouth Argyle, Charlton Athletic and Saturday's opponents Oxford over the past two months.
Jevani Brown has enjoyed a blistering start to the campaign for the Grecians, providing nine goals and eight assists in 18 games so far, meaning he tops the league's goal-contribution chart alongside Bristol Rovers' Aaron Collins.
Twenty-eight-year-old Brown was at the double in Exeter's 3-2 win at fellow League One side Port Vale in the first round, with another tricky tie against capable third-tier opposition between them and a coveted place in the third-round draw.
Oxford United FA Cup form:
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Oxford United form (all competitions):
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Exeter City FA Cup form:
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Exeter City form (all competitions):
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Team News
Oxford winger Billy Bodin is a doubt for Saturday after being forced off after 23 minutes in the draw with Forest Green, with the Welshman's departure in the match correlating with The U's deteriorating performance.
Robinson will be able to call on the services of Jodi Jones this weekend, with the 25-year-old back from playing for Malta in friendlies against Greece and Ireland during this unprecedented international break.
Marcus McGuane only made a substitute appearance last time out with Robinson confirming the player was suffering from fatigue, but the former Barcelona man should return to the starting XI in this game.
Exeter's Rekeem Harper was unable to play against Ipswich last weekend due to the terms of his loan deal from Portman Road but will be back in contention on Saturday as he looks to add to his 13 starts in all competitions.
Long-term-absentee Kyle Taylor remains out for the Grecians after sustaining a serious knee injury in March against Oldham Athletic, with a timeline for his return not yet established.
Oxford United possible starting lineup:
Eastwood; Anderson, Long, Findlay, Brown; McGuane, Brannagan, Henry, Browne, Goodrham; Taylor
Exeter City possible starting lineup:
Blackman; Key, Sweeney, Hartridge; Caprice, Collins, Kite, Sparkes, Dieng; Stansfield, Brown
We say: Oxford United 1-2 Exeter City
Oxford are six unbeaten in League One but have failed to earn enough maximums to be competing at the top end of the third tier and looked very unconvincing against Forest Green last time out.