brake problem

I have a problem within the right front of a 92 Bonneville. The other day my son came home and said that the care seemed to be lacking power on his way home. The right front wheel was so hot that it melted the plastic lug caps that hold the wheel cover on. I replaced the caliper thinking that it was sticking, but it made no difference. I noticed that the brake hose had a deep crack in it and will replace that in the a.m. Am I on the right trail or could the problem be a lot deeper.

That sounds more symptomatic of a problem with the hub assembly overheating.