A pet toy has a core assembly incorporating a noise making feature. The pet toy has a flexible, elastomeric body that flexes in response to external pressure placed on the toy by an animal. The core assembly extends through the interior of the pet toy and is secured at opposite ends of the pet toy. In one preferred embodiment, the pet toy is a round shaped ball in which the core assembly extends across a diameter of the ball. The core assembly has a bore and a noise making device is secured to a housing that extends from a central shaft of the bore. Airflow is facilitated through the pet toy for activation of the noise making device by deformation of the body of the pet toy. As the pet toy is deformed by the biting action of an animal, air is forced through the noise making device, thereby creating sound. In another embodiment, the core assembly has a compound shape including a bulbous portion securing the noise making housing.