Bucks perhaps highly valued, it's said (4)
I believe the answer is:
deer
'bucks' is the definition.
(I've seen this in another clue)
'highly valued it's said' is the wordplay.
'highly valued' becomes 'dear' (I've seen this in another clue).
'it's said' shows a homophone (sound like).
'dear' is a homophone of 'DEER'.
'perhaps' acts as a link.
(Other definitions for deer that I've seen before include "Hoofed animals" , "Antlered animal" , "The male has antlers" , "Antler-bearing animal" , "Bucks and does?" .)