We have upgrade our Cisco4507 switch with new IOS cat4500-ENTSERVICESK9-M, Version 12.2(54)SG, we are using LMS3.1. In RME we can not see the above IOS in software repository.
I don't understand. You've already upgraded your 4507? Why do you need to see the 12.2(54)SG image in the RME software repository? I did a brief test locally, and I can add a 12.2(54)SG image from Cisco.com into my repository.