The Blues have seen off two Cork teams in the competition to reach the quarter-finals, beating Cork City on penalties after a 1-1 draw last month, as well as seeing off UCC 4-1 in the RSC in March.
Alan Reynolds' side come into the game on the back of a terrific 2-1 Premier Division win against top of the table Dundalk on Friday night. A brace from Izzy Akinade along with an excellent defensive display was enough for the Blues to take all three points.
The sides have played out two close games so far this season. A late Courtney Duffus goal gave the Blues the points in the first meeting of the sides in a 2-1 win in Sligo in March, before a 1-1 draw less than two weeks ago at the RSC.
Speaking ahead of the game, Waterford FC manager Alan Reynolds said: "It's not ideal for both sides to be playing again on Friday but we'll go up there and have a go. Some of the lads will play again, some will be rested but it's a game that we're out to win. We've gone this far to get into a quarter final so why not go for it."
Waterford FC captain Paul Keegan was pleased with the win against Dundalk, and is looking forward to a tough Sligo tie on Tuesday.
"We're delighted with the win - Dundalk are a very good side but everybody worked hard for the win and we're getting our rewards. Sligo are a good side too as we know, we drew with them at the RSC recently. We know it'll be a tough game on Tuesday but we're confident we can go anywhere and get a win."
