After watching a few videos to diagnosis the problem, I took apart my machine starting with the back panel. I noticed a few foam seals that were deteriorating, found the parts and ordered them. I believe that these seals deteriorating could have become a fire hazard as lint can escape to the back of the machine.
The squeaking was coming from the drum seal, ordered the seal. When it arrived I was happy that it came with the adhesive! It was easy to replace and the dryer is currently working perfectly!
The dryer is about 20 years old and I have no desire to buy a new one. I advise that everyone do a check of these seals and replace promptly to ensure that there is no long term damage to their machine or create a fire hazard.
While doing all these seals I cleaned lint and debris, checked the drum belt and wheels--all looks good. I expect 20 more years out of this machine, with proper proactive maintenance, which I will be doing every few years.