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take the belt off and wiggle the pump bell pulley. If it wobbles around its bad and needs to be replaced. Usually they start leaking once it gets shot.
I changed the idler pulley and belt. Also check the tensioner pulley and it seems to be ok.
If you take a long metal rod and put it the end on the pump body while the car is running and then put your ear to the other metal end of the rod, it will amplify any sound coming from the pump and you can confirm if its the culprit or not. (This is a lot cheaper than fixing noises by trial.)
BTW - You got to be careful with this... obviously, getting the rod caught up in the belt while its next to your head would be a bad thing.
For your original question - any bearing can go bad and squeak. I'd expect a failing water pump to be leaking or weeping fluid, though.
Have you tried some belt dressing to see if the sound goes away. I was chasing a sqeak and it was dirt that tranferred from the belt to the pulleys into the grooves. Even different belts would make the noise but after I realized it went away with the dressing I cleaned all the grooves on every pulley and added another new belt and no more noise
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