The Adobe AIR 3.1 update will follow next week.
The announcement was made on the Adobe AIR and Adobe Flash Player Team blog:
We’re excited to announce the updated Flash Player 11.1 for Android devices, which will be followed by an AIR 3.1 update shipping next week. These introduce full support for Android 4.0 (Ice Cream Sandwich), including the new Galaxy Nexus. These updates will be available on the Android Market.
After this release, there will be no more major updates for the Flash mobile browser plugin, with AIR taking it's place. Adobe's Tom Nguyen explains:
AIR 3.1 brings immersive, beautiful apps powered by Flash to iPhone, iPad, Android phones and tablets, BlackBerry PlayBook, Barnes and Noble Nook tablets, and the Amazon Kindle Fire (whew!). As a developer, you can use Flash to create brilliant interactive experiences, games, and video and seamlessly deliver them to over 1 billion people: in the browser on 99% of PCs and via app stores to over 350 million iOS, Android and BlackBerry smartphones and tablets.
The most stunning, innovative content and games for mobile devices are delivered and consumed through apps. The most impactful, engaging experiences on the desktop are delivered through the browser. With Flash Player for desktop and AIR apps for mobile, Flash allows you to craft and deliver beautiful experiences for both.
Adobe Flash Player 11.1 update will be available for download via the Android Market and is compatible with the Samsung Galaxy Nexus.