MySQL:How to correct a corrupted MySQL binary log on Master server?

We are using MySQL DB with one master and one slave. We are using this setup for months now. The slave sync stopped today and the error we got was:

Last_IO_Errno: 1236
            Last_IO_Error: Got fatal error 1236 from master when reading data from binary log: 'log event entry exceeded max_allowed_packet; Increase max_allowed_packet on master'
           Last_SQL_Errno: 1594
           Last_SQL_Error: Relay log read failure: Could not parse relay log event entry. The possible reasons are: the master's binary log is corrupted (you can check this by running 'mysqlbinlog' on the binary log), the slave's relay log is corrupted (you can check this by running 'mysqlbinlog' on the relay log), a network problem, or a bug in the master's or slave's MySQL code. If you want to check the master's binary log or slave's relay log, you will be able to know their names by issuing 'SHOW SLAVE STATUS' on this slave.

We tried restarting slave's mysql service and start and stop the slave replication with no help. After further investigation we found that there was an issue with particularly big size of query. In the error log of the master server we got error log like below:

[ERROR] Error in Log_event::read_log_event(): 'Event too big', data_len: 1936941420, event_type: 109

We have identified the query that caused this issue. We can ignore the update from that query. This error is logged constantly in the mysql error log.

The issue is, the master is not able to read the from the relay log after that perticular log position. We just want to remove that particular relay log number from the binary log of the master server. How can we remove a particular relay log entry from the binary log file? And yes, we have a critical situation with the application due to this.:(