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Pursue fanciful goals after American in London area gets in extra drinks (5,8)

Ross

I believe the answer is:

chase rainbows

I'm a little stuck... Click here to teach me more about this clue!

'pursue fanciful goals' is the definition.
(I've seen this before)

'american in london area gets in extra drinks' is the wordplay.
'american' becomes 'a' (common abbreviation - e.g. in organisation names).
'london area' becomes 'bow' (I've seen this in other clues).
'gets in' is an insertion indicator.
'extra drinks' becomes 'chasers' (I have seen 'further drinks' mean 'chasers' so perhaps 'drinks' could also mean 'chasers'. I am not sure about the 'extra' bit.**).
'a'+'in'+'bow'='ainbow'
'ainbow' put into 'chasers' is 'CHASE RAINBOWS'.

'after' acts as a link.

Can you help me to learn more?

(Other definitions for chase rainbows that I've seen before include "Pursue the unattainable" , "pursue illusory hopes" , "Pursue fanciful goals" .)

I've seen this clue in The Telegraph.
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