Samsung Galaxy S owners out there who are expecting for a “value pack upgrade” are going to be disappointed with this news. Samsung officially confirmed that it has dropped the plan to release the update.
Samsung Electronics initially said the Galaxy S will not be compatible with the latest Android 4.0 or Ice Cream Sandwich due to hardware and memory limitations. However the company did say that it may provide a Value Pack upgrade which will enhance some features like improved web browsing, multi-tasking, new widgets and more to bring the experience as close as Android 4.0.
Galaxy S owners may jailbreak their phone to run unofficial version of Android 4.0 which may become available in the future, however this option is strictly for experience users and for those who knows the risk. In the mean time, looks like the Galaxy S will stay at Android 2.3.[Source]– The Next Web