This appears to be a QFN package. Removal won't be too hard, installation will be tougher. You can find some good YouTube content on these packages.
You need to preheat your entire board to something like 200C to start with...perhaps higher to pre-warm it. This isn't hot enough to desolder anything, but you need to warm up ALL the base metals in the PCB or they will act as a heat sink. If you find something to use a stand-offs you "could" to use a normal cooking oven and slide out the oven rack when doing the work. You don't want to thermal shock it, so you'd want to place it in and then heat the oven, not place it in a pre-heated oven. Also, cooking ovens are designed to overshoot the target temp because they expect you to open the door afterward to place food in, which immediately lowers the temps. So assume a 10-15 degree overshoot when doing this!
While you might be able to get away without preheating. If you're not practiced, you run the risk of blackening and delaminating the PCB board by directing too much heat into it with a hot air tool. If this happens, internal track damage may result. Warming the board along WITH a hot air tool at a higher temp ~ 400C or a little higher will be used to remove the chip.
What you're going to want to do is do the removal and first stage install in a single motion, then you can let the board cool the perform the REST of the install then.
Removal/Install: Place the board with some kind of metal/ceramic standoffs in the oven (nuts and bolts through the stand-off holes may work), assume over-temp so set for something like ~190C, Let it preheat, make sure you have GOOD tweezers (I mean it) and the replacement chip ready. You need to hot air tool set to something like ~400-430C. Make sure you understand the orientation ahead of time, don't get the part oriented (rotated) incorrectly. Place the board in a cool oven, set to temp, watch it heat. Make sure the air tool is turned on a ready so it will reach temp before the oven does (offset by a few minutes). When the oven reaches temp, be prepared to slide out the oven rack with the board on it facing the correct way already. Turn off the oven now.
Try to pluck the regulator off it, likely it won't come off (testing it), use the hot air tool to heat the regulator up while gently testing by pulling. It will come off very fast, have a dish or place ready to place it in. Immediately get the new regulator, apply gel flux to the UNDERSIDE of the regulator (shinny region) and place it in place on the board now (remember orientation), use the hot air tool and reheat the region again and watch that the chip floats a little into place. If the chip floats in place, try giving it a very small nudge and it moves and then RETURNS to its place...then that's IT, the hard part is done.
Let the entire board cool and go relax, it will take time to cool, give it like an hour.
Now the underside of the chip was a large center pad and small leg-like pads. The previous step should have attached the CENTER pad correctly and maybe some of the legs. You need a good iron at around 400C, apply flux gel to the perimeter of the chip, then use the iron and a small amount of additional solder is wet the iron the pass the iron through the flux against the perimeter of the chip, reflowing the "fake legs" of the chip. All those legs didn't attach correctly during the oven stunt, likely this won't cause it to unsolder, just melt the edges and let the solder reflow under into the leg-pads. Rake all four sides until the solder look good and well attach to the chip sidewall.
Then let it cool and clean the area. Now the time for testing!