It's a 2010 27 inch imac. I can hear the noise when sitting at my machine. that said, the noise is faint and originates from the top left corner of the imac. When I press my ear to the machine it's quite audible. It only occurs when machine is powered on. BTW when I say left I mean the opposite side of the optical drive.
I can't hear it from any other area of the machine and it's definitely not the HDD or optical drive. I opened the imac and there are no fans along the top left corner. I also got rid of dust and stuck wires down. The noise definitely didn't occur when I first purchased the mac.