The I-555 route was approved on January 10, 2001, consisting of upgrading the section of US 63 between Turrell to Jonesburo to interstate standards.
According to the 2007 Arkansas state highway map, only a segment from Tyronza to Gilmore was not yet up to freeway standards. However, as of August 5, 2007 the Highway 135 interchange on that section, the last one remaining, is open, thus making the route a true freeway.
A few mainline bridges between Marked Tree and Turrell are from the original two-lane U.S. 63 and are narrower than current Interstate Highway standards, but I-530 was approved in 1999 despite having a similar issue.
The last requirement to formally designate this route as I-555 is the construction of a parallel access road across a floodway between Payneway and Marked Tree, so that farm equipment will no longer have to use U.S. 63 to cross the floodway. When it is signed as I-555, farm equipment will be banned from the interstate; alternate routes for farmers would lead to detours of up to 1½ hours. Though reportedly funding for the access road itself is still up in the air as of 2013, the Arkansas Game & Fish Commission (which owns the floodway as part of a wildlife management area) is proceeding with bids for a mitigation project apparently related to the floodway crossing.