Also, try tapping on the old PTO shaft with a 5lb hammer, rotate it a few degree's, and then tap on it some more till you've gone all the way around. The impact may be enough to help break it free, in addition to a good soaking with a good penetrant and some heat applied to it.
If the above doesn't work after several attempts, you can always use a grinder to get down close to the splines (if it has them) and then carefully chisel your way in and expose the splines. Once you can see the shaft, liberally apply more penetrant and allow tiime to soak. Hopefully it won't come to this last ditch effort.