Here are the simple steps to follow in order to upgrade php7.2, which has reached EOL, but there are many installations still using this version.
At the time of writing, php7.4 is getting only security support and will reach EOL on 2022-11-28. Consider switching to a 8.x version, if that's possible.
It's important to have an up to date system. If you are keeping it updated on a regular basis, you may skip this step.
sudo yum update
First, let's check the php version and modules installed
php -v
PHP 7.2.34 (cli) (built: Oct 21 2020 18:03:20) ( NTS )
Copyright (c) 1997-2018 The PHP Group
Zend Engine v3.2.0, Copyright (c) 1998-2018 Zend TechnologiesNow, disable the topics
sudo amazon-linux-extras disable php7.2
sudo amazon-linux-extras disable lamp-mariadb10.2-php7.2
sudo amazon-linux-extras enable php7.4
Here is a line stripped output, but you can see the confirmation the new version is enabled and suggested commands to run in order to upgrade at the bottom
  0  ansible2                 available    \
        [ =2.4.2  =2.4.6  =2.8  =stable ]
...
 42  php7.4=latest            enabled      [ =stable ]
...
 61  dnsmasq2.85              available    [ =stable ]
Now you can install:
 # yum clean metadata
 # yum install php-cli php-pdo php-fpm php-json php-mysqlndNote, the yum install command above, apparently doesn't include all the packages you might have, so double check by running this:
rpm -qa | grep php
php-mysqlnd-7.2.34-1.amzn2.x86_64
php-mbstring-7.2.34-1.amzn2.x86_64
php-pecl-mcrypt-1.0.1-3.amzn2.0.1.x86_64
php-common-7.2.34-1.amzn2.x86_64
php-bcmath-7.2.34-1.amzn2.x86_64
php-gd-7.2.34-1.amzn2.x86_64
php-xml-7.2.34-1.amzn2.x86_64
php-pecl-imagick-3.4.4-1.amzn2.0.3.x86_64
php-pdo-7.2.34-1.amzn2.x86_64
php-cli-7.2.34-1.amzn2.x86_64
php-json-7.2.34-1.amzn2.x86_64
php-fpm-7.2.34-1.amzn2.x86_64
php-soap-7.2.34-1.amzn2.x86_64rpm -qa --qf "sudo yum install %{NAME}\n" | grep php
sudo yum install php-mysqlnd
sudo yum install php-mbstring
sudo yum install php-pecl-mcrypt
sudo yum install php-common
sudo yum install php-bcmath
sudo yum install php-gd
sudo yum install php-xml
sudo yum install php-pecl-imagick
sudo yum install php-pdo
sudo yum install php-cli
sudo yum install php-json
sudo yum install php-fpm
sudo yum install php-soapsudo yum clean metadata
Loaded plugins: extras_suggestions, langpacks, priorities, update-motd
Cleaning repos: amzn2-core amzn2extra-docker amzn2extra-epel amzn2extra-php7.4 ius netdata_netdata netdata_netdata-source
37 metadata files removed
13 sqlite files removed
0 metadata files removedsudo yum install php-cli php-pdo php-fpm php-json php-mysqlnd
Loaded plugins: extras_suggestions, langpacks, priorities, update-motd
amzn2-core                                                                                                                 | 3.7 kB  00:00:00     
amzn2extra-docker                                                                                                          | 3.0 kB  00:00:00     
amzn2extra-epel                                                                                                            | 3.0 kB  00:00:00     
amzn2extra-php7.4                                                                                                          | 3.0 kB  00:00:00 
...Remove any PECL packages
sudo yum -y remove  php-pecl-mcrypt-1.0.1-3.amzn2.0.1.x86_64 php-pecl-imagick-3.4.4-1.amzn2.0.3.x86_64
...
Running transaction
  Erasing    : php-pecl-imagick-3.4.4-1.amzn2.0.3.x86_64                                                                                      1/2 
  Erasing    : php-pecl-mcrypt-1.0.1-3.amzn2.0.1.x86_64                                                                                       2/2 
  Verifying  : php-pecl-mcrypt-1.0.1-3.amzn2.0.1.x86_64                                                                                       1/2 
  Verifying  : php-pecl-imagick-3.4.4-1.amzn2.0.3.x86_64                                                                                      2/2 
Removed:
  php-pecl-imagick.x86_64 0:3.4.4-1.amzn2.0.3                              php-pecl-mcrypt.x86_64 0:1.0.1-3.amzn2.0.1                             
Complete!Run the suggested by amazon-linux-extras command:
sudo yum install php-cli php-pdo php-fpm php-json php-mysqlnd
...
Dependencies Resolved
==================================================================================================================================================
 Package                           Arch                        Version                               Repository                              Size
==================================================================================================================================================
Updating:
 php-cli                           x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      4.9 M
 php-fpm                           x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      1.7 M
 php-json                          x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                       71 k
 php-mysqlnd                       x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      241 k
 php-pdo                           x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      134 k
Updating for dependencies:
 php-bcmath                        x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                       69 k
 php-common                        x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      1.1 M
 php-gd                            x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      182 k
 php-mbstring                      x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      514 k
 php-soap                          x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      211 k
 php-xml                           x86_64                      7.4.28-1.amzn2                        amzn2extra-php7.4                      199 k
Transaction Summary
==================================================================================================================================================
Upgrade  5 Packages (+6 Dependent packages)
Total download size: 9.4 M
Is this ok [y/d/N]: 
...
Running transaction
  Updating   : php-common-7.4.28-1.amzn2.x86_64                                                                                              1/22 
  Updating   : php-json-7.4.28-1.amzn2.x86_64                                                                                                2/22 
  Updating   : php-pdo-7.4.28-1.amzn2.x86_64                                                                                                 3/22 
  Updating   : php-mysqlnd-7.4.28-1.amzn2.x86_64                                                                                             4/22 
  Updating   : php-cli-7.4.28-1.amzn2.x86_64                                                                                                 5/22 
  Updating   : php-mbstring-7.4.28-1.amzn2.x86_64                                                                                            6/22 
  Updating   : php-xml-7.4.28-1.amzn2.x86_64                                                                                                 7/22 
  Updating   : php-gd-7.4.28-1.amzn2.x86_64                                                                                                  8/22 
  Updating   : php-bcmath-7.4.28-1.amzn2.x86_64                                                                                              9/22 
  Updating   : php-soap-7.4.28-1.amzn2.x86_64                                                                                               10/22 
  Updating   : php-fpm-7.4.28-1.amzn2.x86_64                                                                                                11/22 
  Cleanup    : php-fpm-7.2.34-1.amzn2.x86_64                                                                                                12/22 
  Cleanup    : php-mysqlnd-7.2.34-1.amzn2.x86_64                                                                                            13/22 
  Cleanup    : php-pdo-7.2.34-1.amzn2.x86_64                                                                                                14/22 
  Cleanup    : php-soap-7.2.34-1.amzn2.x86_64                                                                                               15/22 
  Cleanup    : php-bcmath-7.2.34-1.amzn2.x86_64                                                                                             16/22 
  Cleanup    : php-gd-7.2.34-1.amzn2.x86_64                                                                                                 17/22 
  Cleanup    : php-xml-7.2.34-1.amzn2.x86_64                                                                                                18/22 
  Cleanup    : php-mbstring-7.2.34-1.amzn2.x86_64                                                                                           19/22 
  Cleanup    : php-cli-7.2.34-1.amzn2.x86_64                                                                                                20/22 
  Cleanup    : php-json-7.2.34-1.amzn2.x86_64                                                                                               21/22 
  Cleanup    : php-common-7.2.34-1.amzn2.x86_64                                                                                             22/22 
  Verifying  : php-cli-7.4.28-1.amzn2.x86_64                                                                                                 1/22 
  Verifying  : php-mbstring-7.4.28-1.amzn2.x86_64                                                                                            2/22 
  Verifying  : php-json-7.4.28-1.amzn2.x86_64                                                                                                3/22 
  Verifying  : php-xml-7.4.28-1.amzn2.x86_64                                                                                                 4/22 
  Verifying  : php-pdo-7.4.28-1.amzn2.x86_64                                                                                                 5/22 
  Verifying  : php-gd-7.4.28-1.amzn2.x86_64                                                                                                  6/22 
  Verifying  : php-bcmath-7.4.28-1.amzn2.x86_64                                                                                              7/22 
  Verifying  : php-soap-7.4.28-1.amzn2.x86_64                                                                                                8/22 
  Verifying  : php-mysqlnd-7.4.28-1.amzn2.x86_64                                                                                             9/22 
  Verifying  : php-fpm-7.4.28-1.amzn2.x86_64                                                                                                10/22 
  Verifying  : php-common-7.4.28-1.amzn2.x86_64                                                                                             11/22 
  Verifying  : php-bcmath-7.2.34-1.amzn2.x86_64                                                                                             12/22 
  Verifying  : php-soap-7.2.34-1.amzn2.x86_64                                                                                               13/22 
  Verifying  : php-mysqlnd-7.2.34-1.amzn2.x86_64                                                                                            14/22 
  Verifying  : php-pdo-7.2.34-1.amzn2.x86_64                                                                                                15/22 
  Verifying  : php-json-7.2.34-1.amzn2.x86_64                                                                                               16/22 
  Verifying  : php-cli-7.2.34-1.amzn2.x86_64                                                                                                17/22 
  Verifying  : php-xml-7.2.34-1.amzn2.x86_64                                                                                                18/22 
  Verifying  : php-mbstring-7.2.34-1.amzn2.x86_64                                                                                           19/22 
  Verifying  : php-common-7.2.34-1.amzn2.x86_64                                                                                             20/22 
  Verifying  : php-fpm-7.2.34-1.amzn2.x86_64                                                                                                21/22 
  Verifying  : php-gd-7.2.34-1.amzn2.x86_64                                                                                                 22/22 
Updated:
  php-cli.x86_64 0:7.4.28-1.amzn2    php-fpm.x86_64 0:7.4.28-1.amzn2    php-json.x86_64 0:7.4.28-1.amzn2    php-mysqlnd.x86_64 0:7.4.28-1.amzn2   
  php-pdo.x86_64 0:7.4.28-1.amzn2   
Dependency Updated:
  php-bcmath.x86_64 0:7.4.28-1.amzn2  php-common.x86_64 0:7.4.28-1.amzn2  php-gd.x86_64 0:7.4.28-1.amzn2  php-mbstring.x86_64 0:7.4.28-1.amzn2 
  php-soap.x86_64 0:7.4.28-1.amzn2    php-xml.x86_64 0:7.4.28-1.amzn2    Make sure no old packages are left behind
rpm -qa | grep php
php-pdo-7.4.28-1.amzn2.x86_64
php-xml-7.4.28-1.amzn2.x86_64
php-fpm-7.4.28-1.amzn2.x86_64
php-json-7.4.28-1.amzn2.x86_64
php-mysqlnd-7.4.28-1.amzn2.x86_64
php-mbstring-7.4.28-1.amzn2.x86_64
php-gd-7.4.28-1.amzn2.x86_64
php-soap-7.4.28-1.amzn2.x86_64
php-common-7.4.28-1.amzn2.x86_64
php-cli-7.4.28-1.amzn2.x86_64
php-bcmath-7.4.28-1.amzn2.x86_64
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