  In this paper we present the result of a direct QCD sum rule calculation of
the transition form factor \gamma\gamma* -> pi^o in the region of moderately
large invariant momentum Q^2 > 1GeV^2 of the virtual photon. In contrast to
pQCD, we make no assumptions about the shape of the pion distribution amplitude
\phi_\pi(x). Our results agree with the Brodsky-Lepage proposal that the
Q^2-dependence of this form factor is given by an interpolation between its
Q^2=0 value fixed by the axial anomaly and 1/Q^2 pQCD behaviour for large Q^2,
with normalization corresponding to the asymptotic form \phi_\pi^as (x)=6 f_\pi
x (1-x) of the pion distribution amplitude. Our prediction for the from factor
$F_{\gamma^*\gamma^*\pi^\circ}(q_1^2 = 0,q_2^2 = -Q^2)$ is in good agreement
with new CLEO data.
