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its just the bearing and it needs replaced. it will take about two hours to do and it will cost you about 30 dollars in parts. you can find many really goods vids on youtube that will show you how to do it and most parts manufactures now have directions on how to do it in the cluded when you buy the parts.
The squealing noise is from the belt tensioner. Replace the pulley only on the tensioner along with a new belt. The bearing in the pulley is causing the squeal. Sears will sell this in a kit. The top and the front panel of the dryer will have to be removed to replace these parts
Can you push the drum up and down. If so then the main bearing has gone bad and needs to be replaced. This is the only metal on metal rubbing you will get unless the machine is off balanced. This is caused usually by doing to heavy of loads and wearing out the bearing
I own a Frigidaire Heavy Duty Dryer The Model # is FDE436RES1. It is 10 years old. When running the dryer it makes a very loud squealing noise although the heat and the dryer still work. Is this a belt or roller problem or does it sound like something else. It is very high pitched and can be heard throughout the entire home. I do not know much about dryer troubleshooting so your help would be greatly appreciated. Thank You.