The Galaxy Nexus, the device that started the “Ice Cream Sandwich-age” of Android, will unfortunately not be receiving the Android 4.4 update. This actually comes as a bit of a surprise, as Google has stated (and will continue to state) that one of Android 4.4′s main goals is to put an end to Android fragmentation, bringing support to lower end devices.
Yes, Android has had an 18 month rule— if a device is over 18 months old, it will stop receiving support.
However, the Galaxy Nexus definitely has the RAM necessary to run the new OS version. (Google has stated that 4.4 will run smoothly on devices with 500mb of RAM, which is half the amount the Galaxy Nexus offers.)