Settle back and gossip (3)
I believe the answer is:
yap
'gossip' is the definition.
(I've seen this before)
'settle back' is the wordplay.
'settle' becomes 'pay' (paying is a kind of settling).
'back' says the letters should be written in reverse.
'pay' back-to-front is 'YAP'.
'and' acts as a link.
(Other definitions for yap that I've seen before include "gossip -" , "Shrill bark; rhymes with chart" , "Yelp" , "Talk foolishly" , "Bark in quick sharp bursts" .)