I don't see that happening. The only reason it doesn't have the M3 already was the constraint in chip supply & Apple prioritising the iMac & Pros. The fact that the M2 15" Air had only been available for a short time also made it an easy decision to bump the Air update to 2024.The MBA will jump right to M4, just like the iMac skipped M2.
I'm sure the Air & Mac Mini refresh will be announced at the same event that unveils the M3 iPads, rumoured for late March.
Most analysts and industry insiders state that the M4 series won't be released until 2025 which again makes sense.