Placed in pipe, it's said (7)
I believe the answer is:
reputed
'said' is the definition.
(thesaurus)
'placed in pipe' is the wordplay.
'placed' becomes 'put' (I've seen this in other clues).
'in' is an insertion indicator.
'pipe' becomes 'reed' (reed pipe is a kind of pipe).
'put' placed into 'reed' is 'REPUTED'.
'it's' acts as a link.
(Other definitions for reputed that I've seen before include "Generally believed to exist" , "Supposed" , "Deemed" , "Alleged" , "Considered" .)