Clicking Noise When Rotating a Front Wheel

A question I've always wanted to ask, but always forgot to ask it...

If I jack the front wheel off of the ground and then turn the wheel slowly by hand, I can hear a very light clicking if I hold my ear close to it. Same for the other side. Has anybody else noticed that noise when they rotate a front wheel slowly by hand?

 

Stock wheels? If not maybe they are rubbing the caliper. Or take the wheels off and see if it's the brakes. CV's could be shot as well.

 

I replaced the passenger axle with a new Genuine Toyota Part last year for other reasons. The clicks occurred with the old and the new axles. They occur regularly and I would guess there are maybe 200-300 clicks for each rotation of the axle. And, same for the driver axle.
Oh, and I do not have ABS....