The Spaniard, now 34, helped conduct the third round draw at Hampden and played his part in pairing the Light Blues with Airdrieonians.
Gers will host Jimmy Boyle's side at Ibrox on Saturday, November 2, subject to any changes for TV.
Novo has been impressed by his old side's start to the campaign, which has seen the Third Division champions rack up eight wins in a row to lead League One.
Rangers got to the last eight of the League Cup last season, beating Motherwell on the way, before losing out to Inverness.
Novo feels enough strides have been made since 2012-13 for fans to realistically hope for the same sort of return in the country's main knockout event.
The striker, currently without a club, said: "I think they have everything to get to the top and to win games.
"Obviously the team will want to do well and I remember being at the Motherwell game last year.
"At that point they were having a fantastic season but Rangers did very well to win the game and that showed what the side was capable of even then.
"Now they have the squad needed to compete and I don't see why you can't look at them getting to the quarter-finals or the semi-finals. You always need to think positively.
"I am the kind of person who thinks that way and when you are in a league or a cup, you always need to have the mentality where you look to win things.
"Rangers just need to have a go and have confidence that they can compete with anybody they face."
The Light Blues have been drawn to play Airdrieonians and, after beating them 6-0 in the league just a few weeks ago at New Broomfield, they'll be expected to do so again.
Novo insists things aren't that clear-cut but is in no doubt Gers will be expected to advance having been given home advantage.
He added on Rangers TV: "It's a good draw. It's great for Rangers to have a home game but no game is easy and there will still be a lot of hard work to do."
Scottish Cup third round draw: Forfar Athletic v East Fife, Culter v Berwick Rangers, Elgin City v Dunfermline Athletic, Stranraer v Auchinleck Talbot, Alloa Athletic v Inverurie Loco Works, Ayr Utd v Queen's Park or Preston Athletic, Rangers v Airdrie, Dumbarton v Cowdenbeath, Arbroath v Brechin City, Stenhousemuir v Buckie Thistle or Annan Athletic, Edinburgh City or Fraserburgh v Montrose, Turriff Utd v Stirling Albion or Whitehill Welfare, East Stirlingshire v Raith Rovers, Albion Rovers v Deveronvale or Linlithgow Rose, Clyde v Brora Rangers or Cove Rangers, Queen of the South v Hamilton. Ties on weekend of Saturday, November 2 2013.