Raise the pace for the favourites (4)
I believe the answer is:
pets
'the favourites' is the definition.
('pet' can be a synonym of 'favourite')
'raise the pace' is the wordplay.
'raise' says the letters should be written backwards.
'the pace' becomes 'step' ('step' can be a synonym of 'pace').
'step' back-to-front is 'PETS'.
'for' acts as a link.
(Other definitions for pets that I've seen before include "Domestic animals" , "Little darlings - step on them" , "Animals at home" , "Domesticated animals" .)