It should be relocated at Eye of Harmony because it's an artifact known as the Eye, which the Time Lords kept on Gallifrey, and which granted its owners mastery over the Laws of Time; it's described as being like the heart of a TARDIS only more powerful. What's going on is clearly an alternative name for the Eye of Harmony, not an unrelated artifact. (User:CzechOut already said so 10 years ago in the course of another discussion.)
Talk about it here or check the revision history for additional comments.
The Eye of Time was a natural phenomenon that was harnessed by the Time Lords. It was lost at the Fall of Gallifrey and eventually fell into the hands of the Progenitor Daleks. According to the Eleventh Doctor, it was believed by some to be the left-over core of the Big Bang. (GAME: City of the Daleks)