I looked on the Appliance Parts Pro's website for potential causes of the problem.
The first step suggested was to replace the idler pulley. I removed the pulley and inspected it. It seemed like it had been grooved over time by the belt that turns the drum.
I watched the video for the replacement of this part, (VERY HELPFUL) and ordered the replacement. Installation was a breeze.
The dryer works GREAT with no more squeaking or clunking. Perfect FIX!