2000 V6 Engine Squeeling noise

2000 Mustang - I have a random squeeling noise that is coming from the front of the engine. Sounds like it may be a water pump bearing but I can't be sure. Can someone tell me how to diagnose if it may be the timing chain before I start replacing parts? I'm pretty sure it's not belt noise, alternator, water pump or condenser. Also, does the oil pan need to be dropped to change out the timing chain. Engine seems to run fine...Thanks, Mark