Better than fair odds of it. Only other possibilities I can think of are:
- the motor is rubbing on the back, and the retaining clip occasionally catches (probably not -- the vibe is too strong)
- the motor is unbalanced (probably not, the vibe is intermitant, and that would be periodic)
- the ESC is having trouble keeping sync (probably not, the vibe isn't speed dependent)
I'd say if there's nothing loose or catching inside the bell, and the bearings audibly click when you spin the motor by hand, the're on the way out -- time to order replacements.