Pace the return of favourites (4)
I believe the answer is:
step
'pace' is the definition.
(I know that pace can be written as step)
'return of favourites' is the wordplay.
'return of' shows that the letters should be reversed in order.
'favourites' becomes 'pets' ('pet' can be a synonym of 'favourite').
'pets' in reverse letter order is 'STEP'.
'the' acts as a link.
(Other definitions for step that I've seen before include "Gradation" , "Stage - pace" , "Put foot on a pest" , "Pest (anag.)" , "Indian garment" .)