For example, how could I get my image to be compiled using:
gcc-linaro-arm-linux-gnueabihf-4.7-2013.03-20130313_linux?
What does core-image-sato has to do with the toolchains (they supplied with Yocto)?
I don't understand...
In your local.conf file, specify the path of your toolchain in your system.
EXTERNAL_TOOLCHAIN = "/home/manjunath/linaro/gcc-linaro-arm-linux-gnueabihf-4.7-2014.11-20121123_linux"
In your original toolchain distro add toolchain-external-linaro.inc
More specifically
you get a directory named meta-linaro-toolchain. You may copy complete or
Add .inc to your distribution (sources/poky/meta-yocto/conf/distro/ in my case).
Try now ...