A pet toy includes a noise making feature that can be selectively activated and deactivated by the pet owner. The noise making feature is in the form of a squeaker incorporated within the pet toy by an internal holding pocket that is integrally molded when the pet toy is manufactured. A control element is used to activate or deactivate the squeaker. The squeaker is positioned for easy access by the pet owner, but the construction of a squeaker assembly holding the squeaker is such that it prevents the animal from contacting the squeaker.