Download iOS 4.2.7 IPSW

On April 14, 2011

Alongside with iOS 4.3.2 software update for iPhone, iPod, and iPad, apple released iOS 4.2.7 for iPhone 4 Verizon (CDMA version). You will not find iOS 4.3.2 for iPhone 4 CDMA version, but iOS 4.2.7 for iPhone 4 Verizon instead. You can download iOS 4.2.7 IPSW file directly from Apple server.

Check out the Download iOS 4.2.7 for iPhone 4 CDMA

Read the guide how to install iOS 4.2.7 on iPhone using shift + restore method, or simply Open iTunes, when an update prompt you to update iPhone 4 Verizon software, click Download and Update.