Rovers manager John McGlynn has handed the 18-year-old an improved and extended deal after his progression in the first team this campaign, originally signing him from the Fife Elite Academy two years ago.
The midfielder first arrived at Stark’s Park in the summer of 2020 with one appearance in his first year at the club before making an impact during pre-season and into the beginning of the campaign.
The 18-year-old’s development this season has seen him notch up 20 appearances across all competitions, including netting a crucial winner in the SPFL Trust Trophy Semi-Final victory over Kilmarnock in February.
Arnott follows an already long line of young talent that has come through the ranks of the club, such as Kieran Bowie, Dylan Tait, Ross Matthews and Lewis Vaughan.
Arnott said: “I’m delighted to have signed on and extend my stay until the end of the 2023/24 season.
“I’ve enjoyed getting the minutes that I have done and I feel as if I’m developing every day working with the gaffer and Smudger (Paul Smith).
“It gives me that incentive to go and push on again going into the final few games and then the start of pre-season in a few months time.
“There’s so many role models here for me to learn from, none other than Ross Matthews who’s been there done that and worn the t-shirt.
“He came through the Academy and he was the captain just over a fortnight ago in the SPFL Trust Trophy Final.
"It gives not only me but the rest of the younger boys confidence that if we put the work in and try our hardest then the club will reward us with opportunities.
“It makes it that wee bit more special considering that Raith are a club local to me and have the stature that they have in the community.
“All my pals can get to the games and a few of them are Raith die hards too so it means a lot that I’m able to play in front of them.
“The new deal does cap off a relatively good breakthrough year for myself, I never thought I’d play as much as I have let alone score the goal that would get us to a national cup final.
"Hopefully I can repay the faith shown in me over the next few seasons.”