After a 6-5 penalty shootout win over Chelsea on Wednesday night, the Reds booked their place in the next round of the EFL Cup, a competition the club has won a record ten times.
Iraola's former side Bournemouth went through to the quarter-finals in style with a fine 3-0 win against Aston Villa as they finally find their feet this season.
The December tie will be at Anfield, handing Liverpool a slight advantage in the tie that Iraola admitted he was hoping to avoid.
“I was talking to Tony (Barrett, Liverpool FC press officer) before the draw and I told him: 'The only team that I don't want is Bournemouth'.
“For me it's special, but they know me very well, they are playing very well lately, in a good moment. But it is what it is.
“We haven't been very lucky with the draws. We played Spurs, Chelsea already, now Bournemouth, that is going to be obviously special for me. But we have to earn the right to be in the semi-finals and I hope we can do it here at home again.”
Iraola managed 127 games at Bournemouth, winning 37% of those games as he guided Bournemouth to 12th, ninth and sixth in his three Premier League seasons.
Bournemouth ended his final season with a club-record 18 consecutive Premier League matches without defeat and Iraola knows how special the side are heading into a clash where Liverpool could suffer a huge upset.