wheel bearing bad?

My rear tires recently started having oil leak out onto the inner sidewall radially and then splashing off into the fender. I have 200k miles and 1.25" wheel spacers and have run both 32x11.5 and 33x10.5 on them. I havent had a chance to take the wheel off and inspect, but does this seem like bearings going out? It drives fine and doesn't make any sounds.

 

remove brake hard line (10mm)
Remove 4 bolts holding backing plate to axle (14mm)
disconnect parking brake cable
remove backing plate and axle shaft from axle housing

jiggle the axle shaft to inspect your bearing and if all seems well just replace your inner axle seal and see if it fixs your problem

http://www.4x4wire.com/toyota/maintenance/rear_axle/wheel_bearing/