Betwixt mine eye and heart a league is took,
And each doth good turns now unto the other:
When that mine eye is famish'd for a look,
Or heart in love with sighs himself doth smother,
With my love's picture then my eye doth feast,
And to the painted banquet bids my heart;
Another time mine eye is my heart's guest,
And in his thoughts of love doth share a part:
So, either by thy picture or my love,
Thy self away, art present still with me;
For thou not farther than my thoughts canst move,
And I am still with them, and they with thee; Or, if they sleep, thy picture in my sight Awakes my heart, to heart's and eyes' delight.
My heart and my eye have reached a mutually beneficial understanding. When my eye yearns for the sight of my beloved, or when my heart is pining, then my eye shares the sight of my beloved (seen in a painting) with my heart. At other times, my heart will share with my eye (in imagination) some memory or thought of the beloved. So whether in painting or in imagination, you are always present with me. It is impossible for you to move outside the sphere of my thoughts; I am always with my thoughts, and they are always with you. Or, if my thoughts are, as it were, sleeping, then your painting will delight my eyes and thus awake my heart.
It is noteworthy that in both Sonnet 46 and Sonnet 47 the eye, as a party to the trial or to the truce is always used in the singular. The plural eyes is used in line 6 of Sonnet 46 and possibly (at least in the modern version of the text) in line 14 of Sonnet 47 but they do not refer there to the "defendant". In Sonnet 24 both singular and plural are used to refer to the eyes of the speaker.