From the docs:
14.7.3 ‘=’ expansionIf a word begins with an unquoted ‘=’ and the EQUALS option is set, the remainder of the word is taken as the name of a command. If a command exists by that name, the word is replaced by the full pathname of the command.
14.7.3 ‘=’ expansion
If a word begins with an unquoted ‘=’ and the EQUALS option is set, the remainder of the word is taken as the name of a command. If a command exists by that name, the word is replaced by the full pathname of the command.
And here in more words