Lies about the eyot (4)
I believe the answer is:
isle
'eyot' is the definition.
(I've seen this before)
'lies about' is the wordplay.
'about' indicates an anagram.
'lies' with letters rearranged gives 'ISLE'.
'the' is the link.
(Other definitions for isle that I've seen before include "Eg, Sheppey" , "Small island" , "Sheppey, perhaps" , "Land encircled by water" , "Small area of land in water" .)