Without seeing it first hand it sounds like bearings. Try removing the motor, remove the cowling or fan guard, if there is nothing obvious then I would say this indicates a problem with the bearings. Don't despair though, this is a fairly inexpensive and a relatively simple job to replace them.
If it is bearing failure and you want to have a go, there are usually four long bolts which hold motors together, remove these and you should be able to remove both housings, one at each end, these housings should retain the bearings, remove these and take a close look as there will be a number on the bearing, take them to you nearest bearing supplier and they should be able to sell you some new ones (bearings are usually really cheep!!). Replace the bearings with your nice shinney new ones, bolt it all back together, replace the motor, job done!! Saw good as new!!
Well this may sound like more work than you want to take on and will probably ask yourself if will all be worth it but at the end of the day what have you got to loose!!
Let me know how you get on!!
Pete