@terraform This thread is 11 years old; you might not get much activity here. Many of these users are not currently active. Consider starting a new thread (after investigating the components suggested here) if nobody drops in with advice.
Also, this thread is in the 1995-2001, or second-generation, section. Your 2007 is a fourth-generation; do consider posting your question in the appropriate section. That will help you to get the best information for your vehicle.
If it only occurs on deceleration, consider checking out the rear drive shaft pinion angle. I don't know if your Explorer has been lifted or lowered in any way, but many ignore the pinion angle and this can cause vibrations, although I'm not sure under what circumstances they'd be most noticeable.
Are you absolutely certain that it's the driveline? Did you check your hubs, ball joints (I assume RWD's have ball joints in the same spot as 4WD's, don't know how or if the front suspension differs), control arms, and steering assembly? The angles change as the suspension cycles. The weight shifting from rear to front on deceleration changes the angles on both front and rear suspension, and this can affect things noticeably; this can make it difficult to identify the problem when the vehicle is off the ground because the angles are different than during driving conditions.
I don't know what rear suspension setup the 4th-gens have, but that could possibly be worth exploring too. If it has rear independent suspension, that has a half dozen things that can cause vibrations as well.
Please direct further discussion on this topic to the appropriate forum in this section:
Questions related to the 2006 - 2010 4th generation Ford Explorer, Mercury Mountaineer.
www.explorerforum.com
Happy Explorations! Hope your problem gets resolved without too much time and money spent!