Using array_combine(), you can create a new array, specify one array as the keys, the other as values in the new array. Then it's just a matter of looping the resulting array, and execute queries. Since you now have one array, use a foreach loop and use the keys (in this case, all the values from $a) and values (in this case, all the values from $b) as the values you're setting.
This assumes that the amount of entries in both array is always the same. If they are not of the same size, array_combine() will return false - you can use that as a check before performing the queries. 
$a = [1, 2, 3, 4];
$b = [10, 20, 30, 40];
$result = array_combine($a, $b);
foreach ($result as $k=>$v) {
    mysql_query("UPDATE table SET corr='$k' WHERE id = '$v'");
}
That being said, this query is vulnerable to SQL injection, and you should upgrade to a newer API which supports parameterized queries with placeholders (mysqli_* or PDO). The mysql_* API was deprecated in PHP 5.6 and removed entirely in PHP7.