Perchance story's about old relative (8)
I believe the answer is:
ancestor
'old relative' is the definition.
(relative from past generations)
'perchance story's about' is the wordplay.
'about' indicates the answer is hidden within the clue (the clue goes around or about the answer).
'ANCESTOR' is hidden within 'perchance storys'.
(Other definitions for ancestor that I've seen before include "Old member of the family -no traces (anag)" , "Antecedent, forebear" , "An escort (anag.)" , "One of one's forebears" , "not being of the modern generation" .)