The update process has been sort of a roller coaster ride for Galaxy Nexus owners on Verizon. Earlier this month, Google ‘n friends made accessible the Android 4.0.4 update (IMM76K), but was later pulled without explanation. Well, the link is back and the update is now obtainable for the downloading (and applying, providing you know what you’re doing).
Just keep in mind this is an update, and not a stock factory image. That means unless you were running a stock previous version, don’t mess with it. If you don’t feel like downloading and waiting this out, the update should officially start rolling out from Big Red very, very soon. In fact, just jump into your settings and see if it’s accessible.