Star of 'Dragnet', I fancy (3,5)
I believe the answer is:
red giant
'star' is the definition.
(I've seen this before)
'dragnet i fancy' is the wordplay.
'fancy' is an anagram indicator.
'dragnet'+'i'='dragneti'
'dragneti' anagrammed gives 'RED GIANT'.
'of' acts as a link.
(Other definitions for red giant that I've seen before include "big star" , "Large star nearing the end of its life" , "Large, cool bright star" , "Cool, immense star of high luminosity" , "Huge Communist" .)