Another trick I've used (may not be possible depending on accessibility) -
if there's room -
1 - Drill a 1/4" hole in a piece of scrap material - this will be clamped BEHIND the material (but not yet)
2 - Set up the ORIGINAL size hole saw in its arbor but don't put it in the drill yet
3 - REMOVE the pilot drill bit from the hole saw - REPLACE it with a piece of 1/4" drill rod or possibly a VERY long 1/4" bolt with the head cut off; also cut off the threaded part. This will minimise the (no longer there) flutes of the (no longer there) pilot drill bit.
4 - Hold the scrap piece up against the hole to be enlarged, insert the protruding 1/4" rod in the hole you drilled - slide the backing piece around until the OLD size hole saw slips into the OLD size hole (the one you're going to enlarge)
5 - Now clamp the backing plate FIRMLY in place - then REMOVE the hole saw from the old hole and replace the hole saw with the NEW size one (KEEP the 1/4" smooth pilot ROD - BTW, you'll thank yourself for putting a SLIGHT taper on the end of the pilot rod)...
6 - Finally, mount the LARGER hole saw on the arbor with the SMOOTH 1/4" pilot, making sure the pilot rod is LONG ENOUGH to engage the pilot hole in your scrap piece; then mount the hole saw in your drill and enlarge the hole - if you follow ALL the above steps, it should result in a clean/larger hole that is on the SAME CENTER as the original hole. It also keeps an even load on the hole saw, and lessens the chance of wandering/jumping around while (re)drilling.
7 - All proper PPE is assumed, especially eye/face protection - I've also found that a fairly competent HELPER keeping a stream of compressed air aimed at the hole saw's teeth can make hole saws last longer AND cut better.
Or, if you were ALREADY too impatient to have bothered to READ this, grab your "gas axe" or plasma and WING IT

... Steve