S Series engines have timing chains.
How many miles on the engine?
Does it change frequency and track with the RPM when in drive? Or are you saying it is only with the vehicle in drive and your foot off the gas? And then once you start driving it goes away? Or can you maybe just not hear it while driving?
Get a good length of heater hose and use it as a stethoscope. Use one end against your ear and the other two move around the engine under the hood. You should be able to localize the source of the sound. Remember to check the engine block itself, as it may be a rod knock or such