Wood forming part of the panel, maybe (3)
I believe the answer is:
elm
'wood' is the definition.
(elm is a kind of wood)
'part of the panel maybe' is the wordplay.
'part of' indicates a hidden word.
'ELM' is hidden in the letters of 'the panel maybe'.
'forming' acts as a link.
(Other definitions for elm that I've seen before include "Tree with winged fruit" , "Hard wood" , "Deciduous tree with light serrated leaves" , "Strange tree for Mel" , "Mel's tree" .)