Cell-free massive-multiple-input-multiple-output (CFmMIMO) is a key enabler for sixth-generation (6G) wireless communication networks, where distributed access points (APs) jointly serve user equipments (UEs). In commonly adopted channel models for CFmMIMO networks, inter-AP channel correlation is assumed to be absent, thereby eliminating the potential benefits of centralized processing. However, by carefully designing the pilot transmission phase, the AP received signals during pilot transmission can become correlated, and thus, centralization can improve channel estimation performance, despite the absence of inter-AP channel correlation. In this paper, we propose a channel estimation scheme, termed master-assisted channel estimation (MACE), that aims to leverage inter-AP signal correlation by means of partially centralized processing and hence improve channel estimation performance. In MACE, a subset of APs fuse and forward their received pilot signals to a master AP, which then performs channel estimation using the fused signals together with its locally received signals. This scheme strikes a balance between local and fully centralized processing by leveraging inter-AP signal correlation, while reducing fronthaul signaling and computational complexity. Numerical experiments demonstrate that MACE consistently outperforms local channel estimation, where inter-AP signal correlation is neglected.