The Collaborative International Dictionary of English v.0.48:

Timely \Time"ly\ (t[imac]m"l[=e]), a. [Compar. Timelier
   (t[imac]m"l[=e]*[~e]r); superl. Timeliest.]
   1. Being or occurring in good time; sufficiently early;
      seasonable. "The timely dew of sleep." --Milton.
      [1913 Webster]

   2. Keeping time or measure. --Spenser.
      [1913 Webster]