The most common and most likely answer to this crossword clue is the 8 letter word MERITING
I've seen this crossword clue in The Times
M
E
R
I
T
I
N
G
More clues leading to the result MERITING
Buddy explains!

The straight part
We know that "Deserving" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case deserving = meriting.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MERITING mean?
MERITING verb- To deserve, to earn.
- To be deserving or worthy.
- To reward.