Traveling?

[Sunnyboy]

player dribbles on the baseline and starts to make a pass to teammate setting up for a three point attempt on far side. Pivot foot is lifted and player realizes pass will be intercepted. He pulls ball back to chest, keeps his pivot off the floor, holds the ball for two seconds and calls a timeout.
Is this a travel? What if he adjusted and made a pass to top of key. Assume foot on floor does not move. This was real play my crew has debated for a week now.