Paul Doswell's side, who sit 16th in the Vanarama National League, knocked out Championship side Leeds 1-0 at Gander Green Lane on Sunday and were rewarded with a glamour tie against the Gunners.
The match will be shown live on BBC One on Monday February 20, with kick-off at 7:55pm.
Wolves' reward for winning at Liverpool was a home game against Premier League leaders Chelsea, which will be on BT Sport on February 18, kick off at 5:30pm.
The other choice live fixtures see Fulham take on Tottenham at Craven Cottage, on BBC One on Sunday February 19 at 2pm, with Blackburn against Manchester United broadcast on BT Sport at 4:15pm - the 57th straight United FA Cup clash to be broadcast live.
That match will be followed by the draw for the quarter-finals.
In Pictures | Sutton vs Leeds | 29/01/2017
FA Cup 5th round televised fixtures
Saturday February 18
Burnley v Lincoln (BT Sport, 12:30pm)
Wolves v Chelsea (BT Sport, 5:30pm)
Sunday February 19
Fulham v Tottenham (BBC One, 2pm)
Blackburn v Manchester United (BT Sport, 4:15pm, followed by 6th round draw)
Monday February 20
Sutton v Arsenal (BBC One, 7:55pm)
