Yes...There is actually geologic evidence for this in certain rocks which show a banded structure caused by water tides. About 10 years ago geologists discovered evidence for the day being shorter using some change in a signature, probably the layering widths, they found in ancient rocks dated from a few billion years ago. Apparently a 'day' back then was about 18-20 hours long, not 24-hours. In the future, billions of years from now, it will lengthen to 50 hours or longer.
The above figure shows the measured slow down of earth's rotation. You can see that it is not a regular decline, but the trend is in the direction of a longer length of day.
A good discussion about the changing length of the rotation period of the Earth can be found at the US Naval Observatory in their essay on leap seconds. The '24-hour' day actually increases by 0.0014 seconds every day, per century. Every year or so, one second has to be added to the official civilian day on New Years Eve. For more information on how the Earth's rotation rate changes, visit Variations of the Earth page at the USGS.
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