The defender is on a season's loan from the Gunners and is not allowed to line-up against them in the Premiership.
But the clubs held talks and agreed that Hoyte can face the side he would have been playing for had his temporary switch to Wearside not been arranged.
The 20-year-old, impressive in the Black Cats' 2-0 first league win of the season at Middlesbrough on Sunday, admits he had already written-off the October 25 game.
He said: "It's one I'll really look forward to.
"When I saw the draw I didn't think too much about it because I thought I wouldn't be able to play.
"When I was told I could yesterday it came as a boost and if I'm selected I'll enjoy the night.
"Arsenal won't play a full-strength side but it'll still be a good side. I was part of it last season and we did quite well.
"The manager chooses to play some of his younger players in the Carling Cup. We beat Everton and Manchester City last season before losing to Manchester United, 1-0.
"Whatever team Arsenal put out we know it will be a strong side. They have some very good players."
There will be plenty of familiar faces for Hoyte in the Arsenal squad and the big match build up is under way with almost a month still to go before the tie is played.
Hoyte said: "Obviously I know most of the Arsenal players because I've trained with them every day.
"I'll be playing against a lot of my mates and the taunting has started already. I've been on the phone to a few of them saying that we're up for it.
"I hope Fabrice Muamba plays because I know him well. We are from the same part of London and I used to give him a lift into training. It would be good to see him."
Sunderland have cut prices to £5 for adults and £1 for under-16s and senior citizens for tickets bought before the day of the third round tie, which should ensure a bumper attendance.
"I've found the Stadium of Light atmosphere to be really good and it should be against Arsenal," said Hoyte.