"Our ground will be buzzing. It's a match everyone here will be looking forward to because Cardiff are a big club and they've got a lot of good players," he told the Western Mail.
"I'm pleased we've been drawn at home because it improves our chances of beating them.
Danish international Molby, who played for Ajax and Liverpool before managing Swansea, knows all about Cardiff City.
"Will Cardiff take us too lightly? I don't think so. Their manager, Lennie Lawrence, is very experienced," he continued.
"Cardiff will believe they have an outside chance of making the final which I'm sure they would love to do while the final is still being played at the Millennium Stadium.
"I'm happy with the draw. It's great to be playing a side expecting to push for the Premiership."
Cardiff have won their 1st round league cup fixtures for the last two seasons. Orient were despatched at Ninian Park last season while City put 5 past Boston 2 years ago.
14 Premier League clubs enter the draw in round 2. There's alot to play for, for both teams.