Source : Webster's Revised Unabridged Dictionary (1913)

Gossip \Gos"sip\, n. [OE. gossib, godsib, a relation or sponsor
   in baptism, a relation by a religious obligation, AS.
   godsibb, fr. god + sib alliance, relation; akin to G. sippe,
   Goth. sibja, and also to Skr. sabh[=a] assembly.]
   1. A sponsor; a godfather or a godmother.

            Should a great lady that was invited to be a gossip,
            in her place send her kitchen maid, 't would be ill
            taken.                                --Selden.

   2. A friend or comrade; a companion; a familiar and customary
      acquaintance. [Obs.]

            My noble gossips, ye have been too prodigal. --Shak.

   3. One who runs house to house, tattling and telling news; an
      idle tattler.

            The common chat of gossips when they meet. --Dryden.

   4. The tattle of a gossip; groundless rumor.

            Bubbles o'er like a city with gossip, scandal, and
            spite.                                --Tennyson.

Gossip \Gos"sip\, v. t.
   To stand sponsor to. [Obs.] --Shak.

Gossip \Gos"sip\, v. i. [imp. & p. p. {Gossiped}; p. pr. & vb.
   n. {Gossiping}.]
   1. To make merry. [Obs.] --Shak.

   2. To prate; to chat; to talk much. --Shak.

   3. To run about and tattle; to tell idle tales.

Source : WordNet®

gossip
     n 1: light informal conversation for social occasions [syn: {chitchat},
           {small talk}, {gab}, {gabfest}, {tittle-tattle}, {chin-wag},
           {chin-wagging}, {causerie}]
     2: a report (often malicious) about the behavior of other
        people; "the divorce caused much gossip" [syn: {comment},
        {scuttlebutt}]
     3: a person given to gossiping and divulging personal
        information about others [syn: {gossiper}, {gossipmonger},
         {rumormonger}, {rumourmonger}, {newsmonger}]
     v 1: wag one's tongue; speak about others and reveal secrets or
          intimacies; "She won't dish the dirt" [syn: {dish the
          dirt}]
     2: talk socially without exchanging too much information; "the
        men were sitting in the cafe and shooting the breeze"
        [syn: {chew the fat}, {shoot the breeze}, {chat}, {confabulate},
         {confab}, {chitchat}, {chatter}, {chaffer}, {natter}, {jaw},
         {claver}, {visit}]