Conjecture in East about 'Wise Men' (7)
I believe the answer is:
imagine
'conjecture' is the definition.
(thesaurus)
'in east about wise men' is the wordplay.
'east' becomes 'e' ('E' can be a synonym of 'east').
'about' is an insertion indicator.
'wise men' becomes 'magi' (I've seen this before).
'in'+'e'='ine'
'ine' enclosing 'magi' is 'IMAGINE'.
(Other definitions for imagine that I've seen before include "Suppose; think up" , "A Gemini? (anag)" , "Believe to be so, suppose" , "Form a mental picture" , "Form a mental image in the mind" .)