One much admired though said to be idle (4)
I believe the answer is:
idol
'one much admired' is the definition.
(I've seen this before)
'said to be idle' is the wordplay.
'said to be' indicates a 'sounds like' (homophone) clue.
'idle' is a homophone of 'IDOL'.
'though' is the link.
(Other definitions for idol that I've seen before include "someone admirable" , "Figure worshipped - sounds like someone in 7 8" , "Figure of worship" , "Object of reverence" , "something to be revered" .)