1) is a word of favoring a certain person even if the person is not up to that level of appreciation;
2) an act of overrating a person.
It is typically used in Carrington football training ground in Manchester as Alex Ferguson favoring Darren Fletcher ahead of more quality midfielders.
A: Look, that young lad looks promising.
B: Nah, he can't dribble, he can't shoot, he is just fletcherized by the manager.