BMW: Strange sound from right rear hub, wheel bearings, wheel hub

Question
I have a 1973 BMW 2002. When I accelerate everything sounds fine but when I let off the gas pedal to slow down there seems to be a sort of grinding sound coming from the passenger side rear wheel/hub. I took the wheel off and inspected and cleaned the brakes thinking that would clear up the problem but it didn't. The only thing I can think of is that it's the wheel bearings. What do you think?

Thanks, Marcus

Answer
Yes, I would suspect it was the wheel bearing as well.  It will usually make a noise that depends on acceleration (faster you go the more frequent the roar or hummm).  Replacing the rear bearing requires special presses and is a nightmare to do without those tools (from experience).  It took me 5 hours with household tools and a sledgehammer to replace mine.  I would go to a shop and have it done.