With Hampden Park unavailable, as the national football stadium requires redevelopment work ahead of the 2014 Commonwealth Games, Hibernian's ground will stage the Rangers-Raith fixture on April 6.
Easter Road is a 20,421-capacity stadium, with Ally McCoist's side reaching the final on Tuesday thanks to a narrow victory over Stenhousemuir at Ochilview.
Rangers have made it through to the final after coming unstuck last season when they lost to Queen of the South who went on to win the competition following a penalty shoot-out against Partick Thistle.
Looking ahead, Gers skipper Lee McCulloch said: "It means the world to us. This is the first final this group of players has got to.
"It's a chance to go and lift a cup and to show everybody that the club is progressing and getting back to where we should be.
"The final is six months away, which is a bit of a strange one, so it's just all about getting points on the board in the league just now and looking forward to the final."
Raith reached the final with a 3-0 triumph over Annan.