Yes, it can. You can say that you support .NET 4 in your app.config
file:
<configuration>
<startup>
<supportedRuntime version="v4.0" />
</startup>
</configuration>
Note that changes in the framework may break your app. For details, see MSDN's list of .NET 4 migration issues, which includes recommended changes.
If you still want to support users with only .NET 3.5 installed, you also need to add a <supportedRuntime version="v2.0.50727" />
element:
<configuration>
<startup>
<supportedRuntime version="v4.0" />
<supportedRuntime version="v2.0.50727" />
</startup>
</configuration>
Note that the above configuration prefers .NET 4.0 if that is installed. Changing the order above makes the application prefer .NET 3.5 if that is installed. A complete table of possible configurations and effects can be found in MSDN's how-to on configuring your app to support .NET 4.0 or 4.5.
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