Could be a broke tensioner, guide, or tensioner arm. Pop the valve cover off and have a look at the chain, and the rest of the valvetrain on that head while you're at it. If the chain has any slack in it at all, something's wrong and the timing cover has to come off.
You could also drain the oil, and look for pieces of nylon/plastic in the oil, from the guide or tensioner arm. You might try a stethoscope on that side as well, to better narrow down the noise before disassembly.
I've heard a broken guide/arm before, that sounded just like a knocking motor to me.