The youngster has been a bright point in the Blades' relegation season.
The Telegraph says Aston Villa and West Ham United are watching Arblaster's situation ahead of the summer market.
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Blades boss Chris Wilder has hopes of keeping the midfielder in the Championship: "We understand the fabric of the game and the way the game moves, but certainly, for us it's 'career here' and he understands that as well.
"He will understand it. He's a smart boy. He'll get his head down and knows he has to play well to stay in the team as well. He won't take any liberties. He's a humble boy and he's starting his career. Hopefully it's a long and successful one at Sheffield United."