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