The pair will return to the Blues fold to face their former team mates.
"I am really looking forward to seeing both Lee and Faddy again. I am really good friends with both of the lads," Osman told evertonTV.
"I still keep in touch regularly with Faddy. There will be a few words spoken before the game with them and we will look forward to it."
McFadden left Goodison for Birmingham in the January transfer window of 2008 with Carsley then joining him at St Andrews that May.
Osman knows that former players often raise their games when they head back to their old clubs.
"We often see players returning to haunt their old teams," said the Blues favourite. "Both of them are the type who could easily do that - especially Faddy. On his day he can really hurt you going forward.
"Cars can put the block on anyone too, so we have got to hope we don't let that happen. We have to keep the current momentum going."