Based upon the interesting discussions across the web, there are several folks who freaked out this morning when they found a strange Google Settings Icon randomly appear in their app drawer. Luckily, we are happy to report this is nothing to worry about. It is legit and from Google. It seems they pushed out a silent upgrade to the Google Framework Services API, which enabled this new “Google Settings” icon in your apps tray.
This begs the next question, "What's it for?" It's basically just a separate icon extension of your settings menu which you already have under under Settings > Accounts > Google. It gives you a handy quick access icon, just in case you need to change those settings. There is also one other interesting difference. This icon allows you to control Google+ sign-in settings too. That's about it.
Nothing unusual to report here. "Move along."