The propeller shaft arrangement which connects a transmission (T) with a differential gear (D) of a vehicle includes a first propeller shaft segment (1) connected to the transmission at one end thereof and a second propeller shaft segment (2) connected to the differential gear at one end thereof. The first and second propeller shaft segments (1, 3) are made of aluminium. The other end of the second propeller shaft segment is connected with one end of a steel-made centre bearing (2) via a universal joint (6). Serrations (12, 13) are formed at the other end of the centre bearing and at the other end of the first propeller shaft segment (1) such that the serrations of the centre bearing (2) are engaged with those of the first propeller shaft segment and a locking nut (15) is screwed down over the engaging serrations to join the first propeller shaft segment with the centre bearing. Since the centre bearing (2) is made of steel whereas most of the propeller shaft (1, 3) is made of aluminium, the weight of the propeller shaft is reduced while ensuring a sufficient strength of the centre bearing. Further,the first propeller shaft segment is connected with the centre bearing by the serrations and the locking nut. Therefore, welding the aluminium shaft with the steel bearing, which is technically difficult to perform, is not necessary.