Looking for a queen's wrapping paper (5)
I believe the answer is:
after
'looking for' is the definition.
(both can mean on the hunt for something)
'a queen's wrapping paper' is the wordplay.
'queen' becomes 'ER' (abbreviation for Elizabeth Regina).
'wrapping' means one lot of letters goes inside another.
'paper' becomes 'FT' (newspaper the FT, Financial Times).
'a'+'er'='aer'
'aer' going around 'ft' is 'AFTER'.
(Other definitions for after that I've seen before include "Pursuing" , "In pursuit of, behind" , "Following - behind" , "Coming later in time" , "At a later time or behind" .)