The boy was found unconscious in Waterside at around 7pm on Friday (June 24) and a 999 call brought paramedics and police to the scene.
He was taken to Royal Preston Hospital with a serious head injury where he remains in a serious but stable condition.
An 18-year-old man from Chorley was arrested on Saturday evening and taken into custody on suspicion of Section 18 Assault (Grievous Bodily Harm).
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He has been bailed to Friday, July 22 whilst police continue their investigation.
Detectives say they believe the attack was an isolated incident and are continuing to appeal for anyone with information or footage to come forward.
DCI Mike Gladwin, of Lancashire Police’s South Division, said: "This incident has resulted in the young victim suffering an extremely serious injury. My thoughts remain with him and his loved ones at this time.
“Although we have now made an arrest, our enquires are very much ongoing.
“I would ask any witnesses or anybody with CCTV, doorbell, mobile phone or dashcam footage which captures the assault or anybody acting suspiciously in the area between 6.30pm and 7.30pm to contact police as soon as possible.
“While this is being treated as an isolated incident, reassurance patrols have been increased in the area as a precaution.”
Anyone with information should email [email protected] or call 101, quoting log 1180 of June 24, 2022.