This can be done with plugins, there might be such plugins. But you can aldo do it with one simple sql query.

update your_wp_prefix_term_relationships set
term_taxonomy_id=
(select term_taxonomy_id from your_wp_prefix_term_taxonomy where term_id=_ID_NEW_)
where
term_taxonomy_id=
(select term_taxonomy_id from your_wp_prefix_term_taxonomy where term_id=_ID_OLD_)


This mysql code is for mysql editors of course.
Running this code via php:

<?php
$wpdb->query(
"
update $wpdb->term_relationships set
term_taxonomy_id=
(select term_taxonomy_id from $wpdb->term_taxonomy where term_id=_ID_NEW_)
where
term_taxonomy_id=
(select term_taxonomy_id from $wpdb->term_taxonomy where term_id=_ID_OLD_)
"
);
?>

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