Could oxygen be in this sauce? (4)

I believe the answer is:

mayo

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'in this sauce?' is the definition.
'mayo' can be an answer for 'sauce?'. I'm not sure about the rest of the definition.

'could oxygen' is the wordplay.
'could' becomes 'may' (I've seen this before).
'oxygen' becomes 'O' (atomic symbol for oxygen).
'may'+'o'='MAYO'

'be' is the link.

Can you help me to learn more?

(Other definitions for mayo that I've seen before include "radio presenter" , "Salad dressing (informal)" , "Ir. county; salad dressing" , "Eg, Braeburn or Cox" , "Cold, creamy sauce (abbr)" .)

I've seen this clue in the Sydney Morning Herald.

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