Please see image attached. I have an Audio Source that I would like to be able to switch the output between two different speakers.
I am unsure of which switch to use. It could either be a physical push switch, but It would be better if I could control the switch with the Arduino by sending either digital HIGH or LOW.
For a mono source, you need a SPDT (single-pole, double-throw) switch (with 3 terminals). For stereo, you need a DPDT (double-pole, double-throw) switch (with 6 terminals). In this configuration, the common terminal goes to the source, and each of the other terminals goes to a speaker. (All of the ground wires just get connected together.) You could call this an A/B switch, since it switches between speaker 'A' and speaker 'B'. ([u]Wikipedia switch configurations[/u])
but It would be better if I could control the switch with the Arduino by sending either digital HIGH or LOW.
A [u]relay[/u] is an electrically controlled switch. Relays also come in various configurations such as SPDT and DPDT. (If you can't find an appropriate SPDT relay, you can use 3-terminals of a DPDT relay.)
If you can find a relay rated at 5V coil voltage at 40mA or less, you can drive it directly with the Arduino. Higher voltage/current will require an additional transistor or MOSFET, and possibly a higher supply voltage.
With low-power audio (like you might get through a 3.5mm connector), you shouldn't have to worry about the contact voltage/current ratings on the switch or relay.
A regular 'ol mechanical relay is probably your best bet. There are also solid-state switches and solid-state relays. Most solid state relays are SPST, so you'd have to use more than one, and many won't work with audio. Solid-state switches are also usually SPST, but you typically get more than one switch in a package, so you can wire them in various configurations.