89 Camry"No Oil Pressure"

I took on a 1989 Toyota Camry with a 2000 4 cylinder and an automatic. It was a one owner car with 140,000 on the odometer. When the oil light came on he took it to a nearby shop and was told he had lost oil pressure. I believe I confirmed this for him by pulling the oil filter off and starting the engine. Absolutely no oil came out from the filter port. Is it safe to say I should be looking at a possible oil pump failure or if I'm lucky a pickup that has fallen to the bottom of the oil pan? Thanks for your time.