I have noticed that my serpantine belt is starting to squeak, so I did some snooping around and found this. My belt has just been replaced so I know that is not the problem but is it normal for the tensioner pulley to wobble? I made a video so let me know what you think.

http://www.youtube.com/watch?v=DkhIVjXQyiM

Replace it

Replace the tensioner, it's a goner.

You could replace the bearing...But chances are the spring in the tensioner is also worn out.

Replace:
http://shop.advanceautoparts.com/web...___#fragment-3
^I highly reccomend getting that.