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This light flashing indicates that the computer has detected a fault with one of the transmission components.It flashes to alert to you that a fault is present.
What has to be done from here is to have a fully compatible scan tool plugged into your model to read out any fault codes set.Once this is done any codes set are then diagnosed to locate and repair this issue here.
This can be an electrical solenoid in the transmission at fault or a relay or switch at fault.It can also indicate a valve body fault or even an in more in depth mechanical fault.
Unfortunately the only way to find out for sure what needs to be repaired or replaced is to have the codes checked, then diagnosed and repaired.Most shops can read out and diagnose the fault as well as do the repair for a fee.A local parts store like Auto Zone will sometimes read out the fault codes at no charge to you but cannot diagnose the fault,but they can give you an idea of what is at fault.
If you have no shifting issues or operational issues with this light then the fault may be a minor sensor needing replaced.
In some cases disconnecting the battery will turn off the light but in others the fault codes have to be cleared out with a fully compatible scan tool to turn off this light.
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