In the other semi-final Salford Red Devils play Wigan Warriors, the only side outside of Super League's top four left in the competition.
Hull were the final side to confirm their place in the final four, after defeating Super League leaders Castleford 32-24 on Sunday.
The semi-finals will take place at neutral venues on the 28 and 29 July.
Hull FC are just one place and one point behind Rhinos in the Super League table, and Hull forward Mark Minichiello told the Rugby League Forum: "It's a tough game. It's at a neutral ground.
"They're playing really well at the moment, they're above us in the table, and they've got their mojo back.
"It's going to be a great outing and I can't wait for it. It's two form teams going at it in the semi-final."
Meanwhile, last season's Super League champions Wigan are down in eighth, while Salford, who only maintained their top-flight status with a Million Pound Game win last season, are second in the table.
Warriors full-back Sam Tomkins told BBC Sport: "I wouldn't say Salford have surprised me this season, they've got talented players.
"With (brother) Logan Tomkins being there, I speak to him about what they do, they've got a good set up.
"It's taken a bit of time for Salford to really get some consistent form and they've got it at the moment."

David McGoldrick volleyed in his first goal since August to put Ipswich ahead.
Revell, who recently saved a penalty as an emergency goalkeeper against Preston, levelled from the spot.
Brett Pitman's glancing header restored Ipswich's lead, and Revell poked home Josh Murphy's free-kick to equalise before Varney's header sealed victory.
Ipswich manager Mick McCarthy: "It was exciting for both sets of fans but frustrating for me.
"We have already started thinking about next season - that is an ongoing process."
MK Dons manager Karl Robinson: "It was disappointing for us but it summed up our whole season. We were good but also poor in certain key areas.
"It has been a massive learning curve. Some of these players deserve to be in the Championship but some don't and that is why we are where we are."

The 23-year-old midfielder has scored 21 goals in 53 league appearances since joining the Gunners from Sunderland Ladies in 2010.
Nobbs has won two league titles, three FA Cups and four Continental Cups during her time in north London.
She has won 24 international caps and helped England finish third at the World Cup in Canada last summer.
Arsenal Ladies have not disclosed the length of Nobbs' new deal.

Zaporizhya is typical of eastern Ukraine in that it was full of communist monuments and street names. But new laws say they must be removed because they symbolise the country's repressive past.
The campaign has triggered controversy, with critics saying that it is a crude assault on Ukraine's past.
BBC Monitoring reports and analyses news from TV, radio, web and print media around the world. For more reports from BBC Monitoring, click here. You can follow BBC Monitoring on Twitter and Facebook.
Defending champions Hull FC will play Leeds Rhinos in the semi-finals of the Challenge Cup.
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Luke Varney's late winner secured Ipswich's first win in eight games, despite Alex Revell's brace for already-relegated MK Dons.
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England international Jordan Nobbs has signed a new contract with FA Women's Super League 1 side Arsenal Ladies.
[NEXT_CONCEPT]
Ukraine has been trying to break free from its communist past, and the campaign is changing the face of whole cities.