Richie Barker's side have already accounted for Millwall and Bolton and now face Michael Laudrup's slick Premier League outfit in round three.
The men from West Sussex need a pick-me-up having been thumped 5-2 at home by League One leaders Tranmere on Saturday.
And midfielder Simpson, 25, feels a visit from the Swans provides the perfect opportunity to bounce back.
"The Swansea game is a chance for us to put things right and the fact it comes so soon after Saturday is, I think, a good thing," he told the club's official website.
"They are a good side with some quality players. We are well aware that it is going to be a difficult evening but we can bounce back from Saturday.
"It is a game everyone involved with the club is looking forward to and for us players it's a chance to play against some top-quality opposition which doesn't come along too often in your career.
"I have played in a few big cup games under the lights at the Broadfield Stadium and the atmosphere is usually fantastic. We saw that in the last round when we beat Bolton. It's a massive challenge but one we are all looking forward to."
MK Dons also host top-flight opposition in the shape of Sunderland, to the delight of assistant manager Mick Harford.
"This is a dream draw for me," said the former Chelsea, Wimbledon and Luton striker.
"At every club in my career, I have always hoped to be drawn against Sunderland.
"They are my hometown team and I have fond memories of supporting them as a young lad.
"I always will be a big fan so to get them at home is great for me, and we are all looking forward to testing ourselves against Premier League opposition."
Another League One side, Paolo Di Canio's Swindon, will be looking for their third consecutive win when they entertain Burnley at the County Ground.
Midfielder Alan Navarro insists they have nothing to fear against the Championship Clarets.
"I'm not saying we'll be relaxed but we can go out there and play with a little bit of freedom, go into it on a high and look to win the game," he said.
Sheffield Wednesday can put their league woes behind them for the evening when they head to Premier League new boys Southampton.
The Owls have lost their last four matches but boss Dave Jones said: "The only way we will get out of this is by everyone sticking together and everyone staying strong."
Preston manager Graham Westley is out to spring a surprise when Middlesbrough visit Deepdale.
"I am sure Middlesbrough will come here with their front-line team and they are a decent outfit," he said. "We will have to be right at the top of our game to win it, but win it we can."