I would be surprised if there was any rule about that. Once you have touched a piece you have to play that piece. However, I don't think there is any rule about how long you take between picking up the piece and placing it on its destination square. There should not be doubt about where it came from if you are both concentrating on the game. If you are worried, record the moves of the game because then you can always prove where it came from.
hovering chess pieces

I always record but it still makes it hard as you now have to watch where the piece came from carefully as it becomes easy to cheat and put it down on an illegal square

You might have a case in an official game/tournament.
USCF Rules
20G - Annoying behavior prohibited. It is forbidden to distract or annoy the opponent in any manner whatsoever. A director, upon a complaint by the opponent, has discretion to determine whether any particular behavior is in violation of this rule and to impose penalties.
FIDE Rules
12.6 It is forbidden to distract or annoy the opponent in any manner whatsoever. This includes unreasonable claims, unreasonable offers of a draw or the introduction of a source of noise into the playing area.
Of course that is in an official game, just a casual game? Pistols at 20 paces should decide it.
I have some friends that pickup their pieces and hover them around the board in the air while they decide where to actually put them on a square. I searched the 5th edition USCF rulebook and do't even find a comment about it. this can't be accepted play. really irritating besides it leaves doubt where the piece originally came from.