The North Florida Transportation Planning Organization (NFTPO) is nearing the end of the process to update the Long Range Transportation Plan (LRTP) to the year 2050. The Draft Cost Feasible Plan (CFP) is currently being reviewed. A new Mathews Bridge is not included in the draft list of projects. While the state (FDOT) and local agencies can study a replacement, no federal funds can be spent toward design, right-of-way, or construction of the bridge if it is not listed in the adopted LRTP.
Regarding the western portion of the Arlington Expressway, between Liberty and MLK (or APR), there is a project listed. But, it is identified as "Hogan's Creek Restoration Project" with only $11 million allocated - so it could only include some work to open up the creek where it passes under the expressway near Liberty Street. So, no reconstruction of the full segment.
One funding disadvantage facing the replacement of the Mathews Bridge is that it is not a part of FDOT's Strategic Intermodal System (SIS). The SIS, to quote the FDOT:
The SIS is a network of transportation facilities that seamlessly flows from one mode to the next, with the goal of providing the highest degree of mobility for people and goods traveling throughout Florida.
The SIS includes all of the Interstates, and other major highways, along with ports, airports, spaceports, and the highways connecting them. The SIS highway component receives (if memory serves) about 80% of FDOT's funding for capacity projects.