Probably, most likely, good chance. But, it could also be a hub pack going. Also, brakes have been known to make such noises. The u-joint(s) may only be getting rusty and ready to fail. grab hold of the axle and see if you can get any movement in the joint. Look especially for the "T" or "X" end to be loose in a cap, which means the needle bearings have fallen all the way out. Jack it up on jack stands. Put t-case in nuetral and turn the wheels left or right. Then spin the wheels and listen.