Code:

procedure TForm1.Panel1DragDrop(Sender, Source: TObject; X, Y: Integer);

begin

with Source as TImage do

begin

   Left := X;

   Top := Y;

end;

end;

procedure TForm1.Panel1DragOver(Sender, Source: TObject; X, Y: Integer;

State: TDragState; var Accept: Boolean);

begin

Accept := Source is TImage;

end;

procedure TForm1.FormCreate(Sender: TObject);

begin

with TImage.Create(Self) do

begin

   Parent := Panel1;

   AutoSize := True;

   Picture.LoadFromFile('D:\DELPHI\IMAGES\CHIP.BMP');

   DragMode := dmAutomatic;

   OnDragOver := Panel1DragOver;

   OnDragDrop := Panel1DragDrop;

end;

end;