Colossus in bronze found outside city centre (5)
I believe the answer is:
titan
'colossus' is the definition.
(both can mean something very big)
'bronze found outside city centre' is the wordplay.
'bronze' becomes 'tan' (both can mean to get a sun tan).
'found outside' is an insertion indicator.
'city centre' becomes 'it' (centre of the word 'city').
'tan' placed around 'it' is 'TITAN'.
'in' acts as a link.
(Other definitions for titan that I've seen before include "Taint in old Greek god" , "Atlas, possibly" , "A giant; Saturn moon" , "Saturn's largest satellite" , "Prometheus, for instance" .)