King possibly deprived of honoured companion in French city (5)
I believe the answer is:
arles
'french city' is the definition.
(I've seen this before)
'king possibly deprived of honoured companion' is the wordplay.
'king possibly' becomes 'charles'.
'deprived of' is a deletion indicator.
'honoured companion' becomes 'ch' (Companion of Honour).
'charles' with 'ch' removed is 'ARLES'.
'in' is the link.
(Other definitions for arles that I've seen before include "City of southern France" , "French city" , "A golden hello" , "Where van Gogh worked" , "Rhone town" .)