Presley lives anew! (5)
I believe the answer is:
elvis
'presley' is the definition.
(I've seen this before)
'lives anew' is the wordplay.
'anew' indicates an anagram.
'lives' anagrammed gives 'ELVIS'.
(Other definitions for elvis that I've seen before include "Singer, 1935-77" , "The familiar R 'n'Roll king" , "US singer; lives (anag.)" , "Singers Presley or Costello" , "Singer Presley" .)