The winger made 44 appearances in all competitions last term as the U's earned promotion back into the Football League.
However, with manager Richard Money having recruited five new players already this summer, Arnold has been granted permission to leave the club on a temporary basis.
The 26-year-old joined Cambridge 12 months ago from Alfreton Town, where he had spent the previous three years.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| C | Stockport CountyStockport | 45 | 27 | 11 | 7 | 95 | 46 | 49 | 92 |
| P | Mansfield TownMansfield | 45 | 24 | 13 | 8 | 89 | 46 | 43 | 85 |
| P | Wrexham | 45 | 25 | 10 | 10 | 87 | 51 | 36 | 85 |
| 4 | MK Dons | 45 | 23 | 8 | 14 | 79 | 64 | 15 | 77 |
| 5 | Doncaster RoversDoncaster | 45 | 21 | 7 | 17 | 71 | 66 | 5 | 70 |
| 6 | Crewe AlexandraCrewe | 45 | 19 | 13 | 13 | 68 | 64 | 4 | 70 |
| 7 | BarrowBarrow | 45 | 18 | 14 | 13 | 61 | 55 | 6 | 68 |
| 8 | Crawley TownCrawley | 45 | 20 | 7 | 18 | 71 | 67 | 4 | 67 |
| 9 | Bradford CityBradford | 45 | 18 | 12 | 15 | 57 | 58 | -1 | 66 |
| 10 | Walsall | 45 | 18 | 11 | 16 | 68 | 68 | 0 | 65 |
| 11 | Gillingham | 45 | 18 | 9 | 18 | 44 | 55 | -11 | 63 |
| 12 | AFC Wimbledon | 45 | 16 | 14 | 15 | 59 | 50 | 9 | 62 |
| 13 | Harrogate TownHarrogate | 45 | 17 | 11 | 17 | 58 | 67 | -9 | 62 |
| 14 | Notts County | 45 | 18 | 7 | 20 | 89 | 85 | 4 | 61 |
| 15 | Tranmere RoversTranmere | 45 | 17 | 6 | 22 | 66 | 66 | 0 | 57 |
| 16 | Morecambe | 45 | 17 | 9 | 19 | 64 | 78 | -14 | 57 |
| 17 | Newport CountyNewport | 45 | 16 | 7 | 22 | 61 | 72 | -11 | 55 |
| 18 | Accrington StanleyAccrington | 45 | 15 | 9 | 21 | 59 | 70 | -11 | 54 |
| 19 | Swindon TownSwindon | 45 | 14 | 11 | 20 | 74 | 80 | -6 | 53 |
| 20 | Salford City | 45 | 13 | 11 | 21 | 64 | 80 | -16 | 50 |
| 21 | Grimsby Town | 45 | 11 | 16 | 18 | 57 | 72 | -15 | 49 |
| 22 | Colchester UnitedColchester | 45 | 11 | 11 | 23 | 58 | 79 | -21 | 44 |
| 23 | Sutton UnitedSutton | 45 | 9 | 14 | 22 | 55 | 80 | -25 | 41 |
| R | Forest Green RoversForest Green | 45 | 10 | 9 | 26 | 43 | 78 | -35 | 39 |
| > League Two Full Table | |||||||||
