A much revered figure (4)
I believe the answer is:
idol
'a much revered figure' is the definition.
'idol' can be an answer for 'figure' (I've seen this before). I also know that 'revered' relates to this answer.
'revered figure' is the wordplay.
'revered' becomes 'ido' (I can't justify this - if you can you should give a lot more credence to this answer).
'figure' becomes 'l' (I've seen this in other clues).
'ido'+'l'='IDOL'
Can you help me to learn more?
(Other definitions for idol that I've seen before include "One much admired" , "'Worshipped object, admired person (4)'" , "Object of reverence" , "Worshipped statue" , "Graven image or greatly admired person" .)