Anticipate late exercise – about time (6)
I believe the answer is:
expect
'anticipate' is the definition.
(I know that anticipate can be written as expect)
'late exercise about time' is the wordplay.
'late' becomes 'ex' (prefix meaning former or onetime).
'exercise' becomes 'pe' (Physical Education).
'about' becomes 'c' (abbreviation for circa).
'time' becomes 't' (abbreviation).
'ex'+'pe'+'c'+'t'='EXPECT'
(Other definitions for expect that I've seen before include "Anticipate - rely upon - suppose" , "Believe about to happen" , "Confidently hope" , "Think of as likely to happen" , "to be in the club?" .)