A river? Certainly not! But it is! (4)
I believe the answer is:
arno
'it is' is the definition.
The definition suggests a singular noun which matches the answer.
'a river? certainly not' is the wordplay.
'river?' becomes 'r' (abbreviation for river).
'certainly not' becomes 'no'.
'a'+'r'+'no'='ARNO'
'but' acts as a link.
Can you help me to learn more?
(Other definitions for arno that I've seen before include "River flowing through Florence and Pisa" , "25's river" , "Banker" , "River of 11 across" , "River in central Italy" .)