Yes it can be a fan, but also can be a CAP that's going out... if you want to check the fan just stop it and see if it still makes the noise. if so, you should replace...
i had that prob and it turned out to be the fan. it was on an older comp that i never cleaned. just unplug everything and crack open the psu. im sure it will be caked with dust, remove the fan of use some qtips and clean it off and see if that solves the problem. also busting out a can of air and dusten out the inside wouldn't hurt either, impedes on airflow