Well-known northern man receiving ring (5)
I believe the answer is:
noted
'well-known' is the definition.
(I've seen this before)
'northern man receiving ring' is the wordplay.
'northern' becomes 'n' (abbreviation e.g. N. Ireland).
'man' becomes 'ted' (Ted is a man's name).
'receiving' means one lot of letters goes inside another.
'ring' becomes 'O' (O is the shape of a ring).
'n'+'ted'='nted'
'nted' going around 'o' is 'NOTED'.
(Other definitions for noted that I've seen before include "remarked upon" , "Famous, well-known - entered into little book" , "Remarked - famous" , "Indicated" , "Gaiter; oyster spawn" .)