Denoted "not out", in fact (4)
I believe the answer is:
deed
'fact' is the definition.
(thesaurus)
'denoted not out' is the wordplay.
'out' is a deletion indicator.
'denoted' with 'not' taken out is 'DEED'.
'in' acts as a link.
(Other definitions for deed that I've seen before include "Conscious act" , "Document showing ownership" , "A conscious action" , "Action - legal document" , "Act - exploit - legal document" .)