Overdue translating tale (4)
I believe the answer is:
late
'overdue' is the definition.
(similar in meaning)
'translating tale' is the wordplay.
'translating' indicates anagramming the letters.
'tale' with letters rearranged gives 'LATE'.
(Other definitions for late that I've seen before include "Former, delayed" , "Yet to arrive?" , "not quick enough" , "Former; behind time" , "Dead or dilatory" .)