Old tales varied (5)
I believe the answer is:
stale
'old' is the definition.
(associated in meaning)
'tales varied' is the wordplay.
'varied' indicates anagramming the letters.
'tales' anagrammed gives 'STALE'.
(Other definitions for stale that I've seen before include "Not fresh, being least" , "Unfresh" , "no longer bearing interest?" , "Musty or hackneyed" , "Mouldy or hackneyed" .)