We had successfully upgraded from MySQL 5.0 to MySQL 5.1.47 along with PHP on one of our Plesk server. Please use this solution if you notice any package conflicts, or other concerns with using 5.1 in your environment. Like PHP, this will be a full change to the newer packages and the 5.0 series will be retired. The procedure is quite simple
1.) wget -q -O – http://www.atomicorp.com/installers/atomic.sh | sh
2.) To upgrade:
yum –enablerepo=atomic-testing upgrade MySQL
That’s it, And if you simply want to upgrade php run “yum upgrade php”
With the above methods MySQL will be upgraded to latest release without any problems.