What operating system is this on?
What is the name of the installer file you are using to install Flash Player?
What did the notification dialog window look like? Was it a pop-up window, or from a site you visited? Adobe actively goes after sites that offer malicious Flash Player installers. If you can provide more information (screenshot, URL) I can forward it to the appropriate team for follow-up.
Note that a new version of Flash Player was released today, depending on your a/v software it may be a false detection.
Please post a screenshot of the grayed out update options.
See reply below;
Operating system is Windows 10
The notification was a pop-up window, no web site.
See attached copy of the grayed out update screen.
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Thank you for posting the screenshot.
The reason it's currently disabled is because only the embedded Flash Player ActiveX Control for IE/Edge is installed. Updates to the embedded Flash Player ActiveX for IE/Edge are distributed by Microsoft via Windows Update. If you install the NPAPI plugin (for Firefox) or the PPAPI plugin (for Opera and Chromium-based browsers) you'll be able to modify the update options (for the NPAPI and/or PPAPI plugin, but not for the ActiveX Control).
Did you recently have the NPAPI or PPAPI plugins installed? If not, then the pop-up notification your received is definitely malicious, as the Flash Player ActiveX Control on Windows 10 is ONLY updated via Windows Update.
If you get the pop-up notification again, please take a screenshot (including any visible URL, if present) and either send it to email@example.com or post it to this discussion topic.