Not a chance of fellow accepting papers (5,2)
I believe the answer is:
dream on
'not a chance' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.
'fellow accepting papers' is the wordplay.
'fellow' becomes 'don' (both can mean an academic).
'accepting' is an insertion indicator (inserted letters are accepted).
'papers' becomes 'ream' (a ream is a large amount of paper).
'don' going around 'ream' is 'DREAM ON'.
'of' acts as a link.
Can you help me to learn more?
(Other definitions for dream on that I've seen before include "Come off it!" , "That's unlikely! (colloquial)" .)