Time is getting on and it’s terribly far away (7)
I believe the answer is:
distant
'far away' is the definition.
(I've seen this before)
'time is getting on and it's terribly' is the wordplay.
'time' becomes 't' (**).
'is getting' is a charade indicator (letters next to each other).
'on' is a charade indicator (letters next to each other).
'terribly' indicates anagramming the letters.
'and'+'its' is 'andits'.
'andits' with letters rearranged gives 'distan'.
't' put after 'distan' is 'DISTANT'.
(Other definitions for distant that I've seen before include "cool" , "overseas?" , "Far apart in space or time" , "Absent - coming from a far-away place" , "Unfriendly; far off" .)