"It's orbiting in the space between Jupiter and Mars. It's called the Main Asteroid Belt. This collection of asteroids all have this orbit that is not as circular as the Earth's is around the sun. So they're what we call slightly eccentric."
He continued: "There's a whole hive of these asteroids out there. They are part of the leftovers from the formation of the sun and our major planets that we have -- Mercury, Venus, Earth, Mars -- and then the giant planets, Jupiter, Saturn, Uranus, Neptune."
Corbally, who was born in London, became interested in astronomy when he was sent to school at Stonyhurst College in Lancashire in northwest England.
"That was out in the country," he recalled. "The dark sky was available. That was when you could actually see the sky, not the clouds. It would be clear and the stars were wonderful."
He said that his mother would mail him newspaper articles about the night sky and he would stargaze using his naked eye because the school's telescope was out of commission.
Corbally, who is still based in Arizona, said his asteroid was likely to exist long after everyone on Earth today had passed away.
"Unless it gets perturbed in its orbit, which can always happen -- Jupiter is the great perturber around there -- or, I suppose, if it crashes into another asteroid," he said.
"But there's so much space out there. You get millions of asteroids happily wandering around there. We don't realize how much space there is."