Methody must travel to play fellow seeded team, Ballymena Academy, whom they narrowly beat 20-22 at the same venue two weeks ago.
Two other seeded teams - last year's beaten finalists Sullivan Upper and near neighbours Campbell College - will also meet.
There are two clashes involving two previous winners, with RBAI playing Regent House and Ballyclare HS taking on Bangor GS.
Elsewhere, six time winners Portora Royal School, will entertain Derek Suffern's Wallace High School, who have had an excellent season thus far. Carrickfergus GS v Omagh Academy, Down HS v Coleraine AI and Limavady GS v RS Armagh are the other ties.
Danske Bank Schools’ Cup Round 3 Fixtures
Ballyclare HS v Bangor GS, 11.00am
Ballymena Academy v Methodist College, 11.00am
Carrickfergus GS v Omagh Academy, 11.00am
Down HS v Coleraine AI, 11.00am
Limavady GS v RS Armagh, 11.00am
Portora RS v Wallace HS, 11.00am
RBAI v Regent House, 11.00am
Sullivan Upper v Campbell College, 10.30am