Giovanni van Bronckhorst’s men are 90 minutes from a historic achievement on the European stage but Halliday, formerly of Rangers, doesn't believe it will have much impact on the Scottish Cup finale.
Although one scenario is preferred.
“I don't see Wednesday having a massive bearing on the Scottish Cup final," he told Grosvenor Sport.
"Hearts can't rely on how Wednesday goes for Rangers, for me personally I hope Wednesday goes to extra time and Rangers win 10-1 and then we win the Scottish Cup on Saturday.
“I've played in a couple of Scottish Cup finals before and the result hasn't gone my way, but I think it's great that we've put ourselves in a position to try and win one.”
Hearts are underdogs to lift the trophy at Hampden Park and come into the game having lost to a second string Rangers squad in the league.
The Ibrox side are the only team Hearts failed to beat in the league, losing three and drawing one.
Halliday said: "We were disappointing in the League Cup, we got beat by a good Celtic side at Celtic Park, but we've had a great run in the Scottish Cup – we beat our rivals in the semi-final and we're now only one hurdle away from winning the final.”