The Cape Winelands outfit will face Durban City in the Round of 16 after the draw was conducted on Wednesday, with the fixtures scheduled to begin on 24 October.
Stellenbosch have fond memories of the competition, having lifted the inaugural Carling Knockout trophy in 2023 after beating TS Galaxy 5-4 on penalties following a 1-1 draw at Moses Mabhida Stadium in Durban.
"In any cup competition, there is always a chance. In this competition, it has quite a history of underdogs. There have been a few underdogs winning this trophy," said the Stellies coach.
"The draw is always important because of where you play and who you play. For us, it is difficult because it's an away game. Maybe home away from us; we are used to playing there. It is what it is."
The Stellenbosch mentor will also have the advantage of knowing his opponents well, having previously coached Durban City before his departure in December following a defeat to Orlando Pirates.
Hunt believes that familiarity with the squad could help his team prepare for the knockout encounter.
"I know the Durban City side very well," he said.
"Most of those players were there when I was there last year. So I know them very well. Chatsworth is a nice little pitch to play in, so there is always a good atmosphere there."
However, the 62-year-old admits that Stellenbosch are still working through a transition period as they look to establish consistency amid changes to the squad.
"We are a little bit in a transition period; there are a lot of players who come and go with us. So for us it's pretty much quick fixes at the moment. The minute we get a little bit of momentum, I know we will improve," Hunt added.
Stellenbosch drew 1-1 with Kaizer Chiefs in midweek and have no match this weekend, giving Hunt valuable time on the training ground to integrate his players and build momentum ahead of their cup campaign.