Check if associative array contains value, and retrieve key / position in array

For PHP >= 5.5.0 it is easier with array_column:

echo array_column($foo, 'text', 'value')[7899];

Or to be repeatable without using array_column each time:

$bar = array_column($foo, 'text', 'value');
echo isset($bar[7899]) ? $bar[7899] : 'NOT FOUND!';

Try something like this

$foo = array(
    array('value' => 5680, 'text' => 'Red'), 
    array('value' => 7899, 'text' => 'Green'), 
    array('value' => 9968, 'text' => 'Blue'), 
    array('value' => 4038, 'text' => 'Yellow'),
);

$found = current(array_filter($foo, function($item) {
    return isset($item['value']) && 7899 == $item['value'];
}));

print_r($found);

Which outputs

Array
(
    [value] => 7899
    [text] => Green
)

The key here is array_filter. If the search value 7899 is not static then you could bring it in to the closure with something like function($item) use($searchValue). Note that array_filter is returning an array of elements which is why I pass it through current