Earlier this month, Google started rolling out the Android 4.0.4 (IMM76D) update for the Galaxy Nexus, Nexus S and the Motorola XOOM. This new update brought with it lots of bug fixes, some minor tweaks and performance improvements. Sadly, the update also introduced an irritating bug for some Galaxy Nexus owners, where the phone would drop the network signal while in idle/sleep mode. The developers over at XDA forums did manage to find a temporary solution to this problem, but it had a marginal affect on the battery life of the handset.
Now, it looks like Google has finally started rolling out an official fix for the update. Many users over at XDA forums are reporting that they got a new Android 4.0.4 (build IMM76I) OTA update notification on their Galaxy Nexus. The new OTA update is around 1MB in size, and updates the kernel of the handset. While it is not yet confirmed, many users who have already installed the update are reporting that they no longer face the signal drop issue while idle on their handset.
You can manually install the OTA update on your handset, if you have root access along with ClockWorkMod Recovery installed and are running on stock Android 4.0.4. The OTA update can be downloaded from here, while the required instructions to flash it can be found here. The OTA update is only meant for the GSM variant of the Galaxy Nexus.