Don't know about thinner but it could be a little smaller
The 11" Air has a pretty big bezel around the screen and almost half an inch of metal to the left and right of the keyboard. The whole computer could be made meaningfully smaller, although I suppose it would be tricky to have the ports on the side since it might interfere with key travel at the top edges.
Either that or they could put a bigger screen in the same form factor. Either way it would be an improvement.