Future monarch possibly has lyrics revised (9)
I believe the answer is:
chrysalis
'future monarch possibly' is the definition.
(monarch is a type of butterfly)
'has lyrics revised' is the wordplay.
'revised' indicates an anagram.
'has'+'lyrics'='haslyrics'
'haslyrics' is an anagram of 'CHRYSALIS'.
(Other definitions for chrysalis that I've seen before include "insect developing" , "Old record company" , "developmental stage" , "Stage of a butterfly's development" , "Cocooned pupa of a moth or butterfly" .)