A couple of days ago we reported that the Samsung Galaxy S III for Verizon was in line for a new software update (I535VRALG7). While it generally takes a few weeks for these updates to reach the public, its seams that Verizon has been quick with the update this time.
The software update which is just 30.9MB in size is being pushed OTA (Over-the-Air) and can be downloaded over Wi-Fi. After the download is complete you will be prompted to accept the terms and conditions, following which the update will proceed. Please keep in mind that your device will be in-operable during the update process.
Users who rely on rooting your device, please keep in mind that the update will cause you to loose root access. You can use the source link for instructions on how you can preserve your root while applying the I535VRALG7 firmware update for your Samsung Galaxy S III.
source – PhoneArena