Rust on pool wall

[Qman]

I recently purchased a home with a 24 foot round 48" above ground pool. I opened the pool a week or so ago and noticed that right below the return hose there was some rust and a small hole in the wall. I can see the liner from the outside of the pool. There is a slight leak coming from that area. I checked the liner and I cannot see a hole. I replaced the hose connector on the side of the pool and the leak is less, but it is still leaking. I think it is beacuase of the rusted area. Is there a way to fix the rusted area without having to replace the pool wall.