Old tales improved (5)
I believe the answer is:
stale
'old' is the definition.
(associated in meaning)
'tales improved' is the wordplay.
'improved' indicates anagramming the letters.
'tales' with letters rearranged gives 'STALE'.
(Other definitions for stale that I've seen before include "no longer bearing interest?" , "Mouldy or hackneyed" , "Not fresh, being least" , "piss" , "Musty or hackneyed" .)