My dog has a small red bump under her leg...?

He's really small, about 12 pounds. Yesterday I was scratching his belly and found a small red bump, a little less than dime sized. Its a pale reddish pink color. He's only 3, has always been healthy (not counting the time he ate gum with xylitol..) and isn't acting weird or anything. So what could... show more He's really small, about 12 pounds. Yesterday I was scratching his belly and found a small red bump, a little less than dime sized. Its a pale reddish pink color.

He's only 3, has always been healthy (not counting the time he ate gum with xylitol..) and isn't acting weird or anything. So what could this be, a fat deposit? I'm hoping it's not a tumor, if so what are the chances it's cancerous? Can it be removed? It's pretty new, I scratch his belly a lot and have never noticed it before.

What should I do?
Update: Title should be his leg, I have two dogs I get them mixed up. =/
Update 2: Theres hair over it..
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