Woodward announced he would be leaving Old Trafford following United's failed attempt to break away and join a controversial European Super League earlier this year.
The Sun reports current group managing director Arnold is the man who will replace him in that role.
It is believed the Glazers have given the green light for Arnold to replace Woodward, making him the main source of contact between United officials and their American-based owners from 2022 onwards.
An official announcement from the club is expected to come nearer the end of 2021 despite Avram and Joel Glazer already giving their seal of approval.
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