A computationally efficient methodology for transonic airfoil design optimization is presented. Our approach exploits a corrected physics-based low-fidelity surrogate that replaces, in the optimization process, an accurate but computationally expensive highfidelity airfoil model. Correction of the low-fidelity model is achieved by aligning its corresponding airfoil surface pressure distributions with that of the high-fidelity model using a shape-preserving response prediction technique. The presented method is applied to airfoil lift maximization in two-dimensional inviscid transonic flow, subject to constraints on shock induced pressure drag and airfoil cross-sectional area. More than a 90% reduction in high-fidelity function calls is achieved when compared to direct highfidelity model optimization.