Mike's gone back in lead perhaps (5)
I believe the answer is:
metal
'lead perhaps' is the definition.
(lead is a metal)
'mike's gone back' is the wordplay.
'mike' becomes 'M' (phonetic alphabet: alpha, bravo, charlie etc.).
'gone' becomes 'late' (both can mean dead).
'back' is a reversal indicator.
'late' backwards is 'etal'.
'm'+'etal'='METAL'
'in' is the link.
(Other definitions for metal that I've seen before include "Broken stone used in road-making" , "Lead or iron, perhaps" , "Eg, copper" , "Solid material, a good conductor of heat and electricity" , "Tin, for example" .)