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