The most common and most likely answer to this crossword clue is the 10 letter word NINCOMPOOP
I've seen this crossword clue in The Guardian
N
I
N
C
O
M
P
O
O
P
More clues leading to the result NINCOMPOOP
- Charlie’s new earnings docked before work on river
- Wally‘s new trendy web domain number two
- Idiot of an Ulster sergeant makes start on deck
- New earnings docked before river work for Charlie
- Fool becomes the centre of attention in supermarket after trapping love member
- Simpleton – in Last of the Summer Wine, favourite in national opinion poll
- Incompetent politician finally gets pay cut and discharge
- Idiot might see new pay cut work both ways
Buddy explains!

The straight part
We know that "Wally" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case wally = nincompoop.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 NINCOMPOOP mean?
NINCOMPOOP noun- A foolish or silly person.