Move Native Client for ARM into Chrome on Android (or, wait until PNaCl is ready, and move that into Chrome for Android).
Focus effort on exposing functionality currently available to native Android apps through web APIs in Chrome to make Chrome apps (using NaCl/PNaCl where that kind of performance is needed), rather than Dalvik ones, the preferred mechanism for delivering apps on Android.
At that point, Android and ChromeOS are pretty much the same thing.
But would that improve the Android platform? I'm wondering if it would be confusing or complicated for users, getting some apps from play and other from the Chrome store. Having apps in the launcher and some other apps you have to run from Chrome. Although at that point Google could merge the Chrome store and Google Play and have shortcuts for Chrome apps that launch a chrome-less browser to look native. Now that I've though about it I think it could work rather well, but I'm still wondering what would be the benefit for the users of Android.
Edit: Now that I've seen vibrunazo's comment I think I get it. If Google build a web programming api that is the same as Android's programming for one is programming for the other. I think that would be truly awesome indeed, I enjoy developing for android, not so much for web.
That's a merge.
Android is powered by Java apps (mostly). Java apps run in a virtual machine, just like web apps. Java apps are no more native than Chrome packaged apps.