Now known as the SPFL Trust Trophy, the competition was not played last season with the decision taken to suspend it for one year due to covid-19 restrictions on football.
However, Falkirk will once again have a chance to add to their record four titles wins in the competition this campaign as they kick off at home to Lowland League side East Kilbride.
And added element to the game will see the return of former Bairns co-manager Lee Miller now a player with the South Lanarkshire club, for the first time since he and David McCracken left the club earlier this year.
Falkirk are competing in the first round for the first time since seeding was introduced due to their final league position last season meaning they were an unseeded team.
Meanwhile, Stenhousemuir have also been drawn at home in the first round and they will welcome Dundee United B to Ochilview.
First-round ties are scheduled for the midweek of August 10/11.
The draw for the second round also took place immediately following the first round draw and the winners of the Falkirk v East Kilbride match will be rewarded with an away tie against Championship side Kilmarnock.
It would undoubtedly be a tough test for the Bairns, should the progress to the second round, and would see another familiar face in the opposition line up with former midfielder Blair Alston having joined the Ayrshire club this summer after agreeing a release from his Falkirk contract.
Stenhousemuir’s second round tie, should they overcome the young terrors in the first round, will be away to League 1 side Cove Rangers.
Stenny made it all the way to the quarter finals in the 2019/20 competition, which saw Raith Rovers and Inverness CT declared joint winners after the decision was taken not to play the final, before being eliminated by Partick Thistle.
They memorably overcame League of Ireland side Waterford 3-2 in the fifth round as Mark McGuigan scored an injury time winner live on BBC Alba.
Second round ties will be played on the weekend of September 4/5.