Wise man wrapping present (7)
I believe the answer is:
knowing
'wise' is the definition.
(I know that wise can be written as knowing)
'man wrapping present' is the wordplay.
'man' becomes 'king' (man can mean a chess piece).
'wrapping' indicates putting letters inside.
'present' becomes 'now' (both can mean the current period).
'king' enclosing 'now' is 'KNOWING'.
(Other definitions for knowing that I've seen before include "Meaningful" , "Arch" , "Wise" , "State of awareness" , "Cunning" .)