Picture that is covering magazine (5)
I believe the answer is:
image
'picture' is the definition.
(I know that picture can be written as image)
'that is covering magazine' is the wordplay.
'that is' becomes 'ie' (short for Latin 'id est', 'that is').
'covering' is an insertion indicator.
'magazine' becomes 'mag' (abbreviation for magazine).
'ie' going around 'mag' is 'IMAGE'.
(Other definitions for image that I've seen before include "Purplish pigment; pool" , "Representation of person or thing" , "Epitome" , "Likeness; statue" , "Reflection" .)