yWe investigate the problem of correlated subgraphs mining (CSM) where the goal is to identify pairs of subgraph patterns that frequently co-occur in proximity within a single graph. Correlated subgraph patterns are different from frequent subgraphs due to the flexibility in connections between constituent subgraph instances and thus, existing frequent subgraphs mining algorithms cannot be directly applied for CSM. Moreover, computing the degree of correlation between two patterns requires enumerating and finding distances between every pair of subgraph instances of both patterns - a task that is both memory-intensive as well as computationally demanding. To this end, we propose two holistic best-first exploration algorithms: CSM-E (an exact method) and CSM-A (a more efficient approximate method with near-optimal quality). To further improve efficiency, we propose a top-k pruning strategy, while to reduce memory footprint, we develop a compressed data structure called Replica, which stores all instances of a subgraph pattern on demand. Our empirical results demonstrate that the proposed algorithms not only mine interesting correlations, but also achieve good scalability over large networks.