What Causes A Soft Lump On The Leg Between Elbow And Foot?

my 8.5 year old female cocker spaniel has a squishy lump on her left front leg between elbow and foot. it s not sensitive to touch and doesn t appear to bother her. I noticed it about 2 weeks ago. It s about and inch to inch and a half that sticks out about a half inch. Is this something I need to get checked? Thanks! Angie