The most common and most likely answer to this crossword clue is the 7 letter word WAFTING
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Buddy explains!

The straight part
We know that "floating" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case floating = wafting.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does WAFTING mean?
WAFTING verb- To (cause to) float easily or gently through the air.
- To be moved, or to pass, on a buoyant medium; to float.
- To give notice to by waving something; to wave the hand to; to beckon.
- An instance of wafting; the action of something that wafts.