Olympians possibly left out of medals (4)
I believe the answer is:
gods
'olympians possibly' is the definition.
(olympian is a kind of god)
'left out of medals' is the wordplay.
'left' becomes 'l' (common abbreviation).
'out of' suggests deleting specific letters ('out of' can mean no longer having).
'medals' becomes 'golds' (gold medals).
'golds' with 'l' taken away is 'GODS'.
(Other definitions for gods that I've seen before include "high up in theatre" , "Area of theatre" , "objects of worship" , "Supernatural beings" , "Superhuman beings" .)