My Android Studio (0.4.3 now) often displays a message that is ready to update, but the alert does not have an \"Update and Restart\" button:
This is bug https://code.google.com/p/android/issues/detail?id=56737. If you dismiss the dialog and check for updates again, you usually get the button you're looking for. I don't know why this happens.
I have found a temporary solution for this problem (until they release a fix for it).
Actually this issue is kind a bug not really a bug :). This is what you need to do
When an update is available, you'll see a balloon notification in the IDE.
Two important known issues:
1. The first time, you'll see a dialog that asks you to accept this channel. You need to press "More info" to accept this channel, otherwise you won't get notified about updates.2. If you press the "Ignore This Update" button, there is currently no mechanism available to revert that decision and Android Studio will never tell you about that update ever again.
For more info. visit : Android Tools Project Site
below is snap from android tools official site
I am not sure why the button is not available, It might be possible that the version you have currently can't be upgraded to the latest version directly.
In such cases follow the steps mentioned below :
Download the latest OS respective Android Studio as zip(sdk excluded) from here :
http://tools.android.com/download/studio/canary
This also allows you to update studio in an offline system.