Favourites up the pace (4)
I believe the answer is:
step
'pace' is the definition.
(synonyms)
'favourites up' is the wordplay.
'favourites' becomes 'pets' ('pet' can be a synonym of 'favourite').
'up' says the letters should be written backwards (in down clue: letters go upwards).
'pets' written backwards gives 'STEP'.
'the' is the link.
(Other definitions for step that I've seen before include "Section of flight" , "Foot movement" , "Move a little way" , "Put foot on a pest" , "Measure - pace" .)