Shakespearean king or earl maybe (4)
I believe the answer is:
lear
'shakespearean king' is the definition.
(King Lear)
'earl maybe' is the wordplay.
'maybe' indicates anagramming the letters.
'earl' with letters rearranged gives 'LEAR'.
'or' is the link.
(Other definitions for lear that I've seen before include "See 27 Across" , "Shakespear's king" , "Tragic Shakepearean king, for real" , "Tragic king in play" , "tragic figure" .)