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 GMC Sierra SLE
ECSB 2wd, 4.8L, 4l60e, 3.42, 50k miles
2002 Ranger Edge
RCSB 2wd, 3.0L, 5 speed, 4.10 , 140k miles