Just today as Apple has dropped iOS 4.3.2 for iPhone 4 GSM version, an update for Verizon CDMA iPhone 4 has also been released. You can either update to the latest firmware by hitting the update button in iTunes or alternatively use the direct download link given below. Make sure you have the latest iTunes software installed which you can get here. Also, if you want to keep the jailbreak ability, stay away from iOS 4.2.7 at the moment.
Download iOS 4.2.7 for Verizon iPhone 4 [Direct Link]
We’ll let you know once the Dev Team releases more info regarding iOS 4.2.7 jailbreak for Verizon iPhone 4. Stay tuned!