Hibernian's 20,421-capacity stadium will host the game on April 6 with the match being screened live by BBC ALBA. Hampden Park is unavailable because it will be undergoing redevelopment work for the Commonwealth Games, and there had been much debate about where the game should be played with Ibrox mooted as a potential venue
That suggestion had infuriated Raith with the club's chairman Turnbull Hutton admitted he had been baffled by the "bizarre" option of playing the game at the home of one of the finalists.
Speaking earlier yesterday, he said: "I do have an expectation that any cup final should be played at a neutral venue. Ibrox should never have been an option, it should not be considered. [It] seems a bizarre suggestion."
Hutton says the match will be his club's biggest since they lifted the League Cup in 1994 with a famous win on penalties against Celtic, he admits, however, that he would like to see the final return to its former berth in November, with both clubs now facing a six-month wait until the big day.
"It was a bit of a showpiece of the first half of the season. Then bad weather cancelled one and it was decided future final would be played in the spring. The problem is that it is a hell of a wait for the big day.
"It will be a great day and we are really looking forward to it, but it is unfortunate that you are forced to put it to the back of your mind because a lot can happen between now and April."