Abstract: A bearing monitor for use with a canned motor pump having a wound stator and a rotor drivably coupled to an impeller, the rotor being mounted on radial journal bearings and axial thrust bearings within a containment can comprises a first and a second target embedded in an outer periphery of the rotor in axial proximity to a first and a second end of the rotor. The monitor includes a plurality of sensors mounted external to the containment can in axial proximity to each of the two targets and radially displaced approximately equally around the periphery of the containment can. A plurality of magnetic field generators create local magnetic fields coupled through the containment can, process fluid, rotor, and at least a portion of one target to one of the sensors. In response to each field, each sensor generates an output signal which varies as a result in a change in the magnetic circuit reluctance caused by bearing wear.