The double arrow (
=>
) according to the manual is used to assign a value to a specific key in the array definition and also to separate a key from a value in a foreach, as quoted by bigown .
For arrays, assigning a value to a named key is performed using the "= >" operator . The precedence of this operator is the same as the other assignment operators.
Source: Assignment Operators
On the precedence page you can see this line, note the last element of the second column.
Associativity |Operators |Additional Information
right | = += -= *= **= /= .= %= &= |= ^= <<= >>= => |assignment
As for the name of the symbol =>
in the PHP documentation there seems to be no specific name, the closest to the formal would be T_DOUBLE_ARROW (as pointed out in the comments), which appears in syntax errors.
Informally it is known as fat comma , term that probably came from Perl language PHP inherited some features .