Could be the water pump for sure. There is a weep hole that will usually start leaking if the pump is going bad. I believe it's on the passenger side on the top of the pump.
But yes definitely check the timing cover too. It's common with our engines. Mine has a very small leak at the timing cover.
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1999 Ranger XLT 2WD
3.0L, 5 speed, 3.73
Thrush Welded dumped, Airbox mod, Throttle Cable mod, HWBP mod, Explorer OHC, Explorer tach cluster, a few audio upgrades, more to come...