Second prize in sight (4)
I believe the answer is:
spot
'sight' is the definition.
(spotting is a kind of sighting)
'second prize' is the wordplay.
'second' becomes 's' (common abbreviation).
'prize' becomes 'pot' (I've seen this in other clues).
's'+'pot'='SPOT'
'in' is the link.
(Other definitions for spot that I've seen before include "Predicament" , "Notice - place" , "Observe - locality" , "See - speckle" , "Discern - mark" .)