If a story, idea or information is floating around (or floating about) it is being talked about by a lot of people.
Examples of use:
1. There’s a rumour floating around that the business will be taken over by a competitor.
2. He said there’s talk floating around of moving the business to India . I haven’t heard anything about it though. Have you?
If something is floating around a place, you know it is there somewhere, but you are not sure exactly where it is.
Examples of use:
1. I can’t see a thing. My glasses are floating around here somewhere. Can you see them?
2. Today’s newspaper is floating around here somewhere. I wish I could remember where I put it.
infinitive – float around
present simple – float around and floats around
-ing form – floating around
past simple – floated around
past participle – floated around
Image by Augapfel