Gossip present, reportedly with chance to speak (7)
I believe the answer is:
hearsay
'gossip' is the definition.
(hearsay is a kind of gossip)
'present reportedly with chance to speak' is the wordplay.
'present' becomes 'here' ('here' can be similar in meaning to 'present').
'reportedly' shows a homophone (sound like).
'with' says to put letters next to each other.
'chance to speak' becomes 'say' (I've seen this before).
'here' sounds like 'hear'.
'hear'+'say'='HEARSAY'
(Other definitions for hearsay that I've seen before include "speculation" , "Gossip or idle talk - it's not evidence" , "Rumour or gossip - inadmissible as evidence" , "Kind of rumour, makes bad evidence" , "Common talk" .)