Look! Diana returns a revered figure (4)
I believe the answer is:
idol
'a revered figure' is the definition.
(I've seen this in another clue)
'look diana returns' is the wordplay.
'look' becomes 'lo' ('lo' is an archaic exclamation meaning 'look!').
'diana' becomes 'Di' (Di is short for Diana).
'returns' is a reversal indicator.
'lo'+'di'='lodi'
'lodi' written backwards gives 'IDOL'.
(Other definitions for idol that I've seen before include "Admired figure" , "False god" , "Personal hero" , "Blue-eyed boy" , "Figure worshipped - sounds like someone in 7 8" .)