Could be wheel bearings, yes. Could also be a stuck brake caliper or dragging brake pads. Or possibly a worn shaft bearing on one of the front axles. And maybe even something in your transmission or engine.
I'd start with checking the front brakes and wheel bearings. If that doesn't reveal anything, check the CV axle bearings where they go into the differential. If that doesn't pan out...
One way you can pinpoint the sound is to raise the car on jackstands (all four corners) and crank it up. Have someone put it in gear and press the accelerator. Try to reproduce the sound. You just gotta hang out near the front of the car and wait

Be careful; this method can be very dangerous if you don't do it properly.