The two Championship sides have a chance to make it to a Wembley semi-final, with the likes of Manchester United, Manchester City, Chelsea and Everton all potential opponents.
Jackett has seen his team lose four out of their last five home games, with only the 2-1 FA Cup success over Aston Villa giving the Lions supporters something to cheer about.
Despite their poor run Millwall go into the game as slight favourites and Jackett is hopeful that playing in front of their own fans can work as an advantage once again for his side.
"I just think it is a great opportunity, if you had a choice you would take a home game all day," he said.
"We are going to sell it out, pack the place, there will be a great atmosphere there and the crowd will be behind us and it is just a fantastic opportunity and if that makes us favourites we just have to look at the chance we have got.
"I think there is a big build-up to the game, you can see with the media attention which is great to see with the atmosphere generated in the build-up to the game.
"There is a different atmosphere and everyone is eager for the big game, which is live on television as well.
"It is a great prospect, it really is. It is something I haven't had as a manager and they have been good cup runs for both sides and I'm sure they feel the same.
"We have home advantage and we have to make that tell and we haven't done that of late - we need to use the crowd and feed off them."
Millwall were on the cusp of the play-off places earlier in the season but have not won in the league since New Year's Day, going down at home to struggling Wolves on Tuesday to leave them 15th in the table and 12 points off the final play-off berth.
Jackett readily admits his side need to find a run of form and said changes could be made to the starting XI from the 2-0 reverse against Wolves.
"It is a temptation (to change the team) definitely," he said.
"It depends on how the next few days in training go but it is a temptation because Tuesday was a poor performance.
"It is a horrible run of form we have been in, we had two good performances away from home against Middlesbrough and Leeds, our last two games at home, Peterborough and Wolves, have been really below par.
"We have got to really identify where we have been going wrong and improve and come out fighting because it is a one-off game and it is a big chance."
On-loan striker Rob Hulse will face a fitness test to see if he can line up against Blackburn with Martyn Woolford cup-tied and James Henry out with a knee problem.