Something you might not realize about "coming out" - it's not an announcement. It's not a public declaration that you're ready to dress in rainbow colors. Coming out is simply something to get beyond. There's a great unspoken secret between you and your friend, and that's something that really shouldn't happen in friendships. The whole point of being friends with someone is that you LIKE each other, and you don't have to pretend to be someone you're not around them. Your friend presumably talks about his favorite sporting team, or his favorite TV show, or that girl he's got his eye on...and even if you don't share his enthusiasm for these things, you still listen and are at least somewhat interested. Because he's your friend, and these things are important to him. And that works the other way. If he's your friend - REALLY your friend - even if he isn't gay, he won't care that you like dick. Just like he doesn't care that you like Star Trek or the New England Patriots. He might not want to sit listening to you drone on and on about it for hours if he doesn't share that love, but that doesn't mean he'll drop you like a hot potato for having that love.
This is why I nudge people in your position towards coming out. Because you shouldn't have to spend half your time with this guy choosing your words extra carefully, or reading the tea leaves of his responses. It's much better to just be yourself, y'know? And ACTUALLY hang out and have fun with each other. And coming out to him will be the big step in that direction.
Will he freak? That's very doubtful. He MIGHT be surprised, or shocked. He MIGHT have to take some time to process that information. But judging from past history, and from all the similar posts we've seen here on JUB, chances are extremely good that your friendship will survive very much intact.
That's the first bit - telling him you're gay.
Then comes the next part - finding out if HE's gay. And interested.
Honestly, I feel coming out is the best move you can make. Say he IS gay. You coming out shows that he can do the same to you. That you have this common ground, and it's something you can talk about and share. You coming out, if he's gay (and ready), will be his cue to come out to you.
It may be that he isn't gay. Or isn't ready. In which case, I still think coming out is the right move. I have a running theory that runs counter to some of the other advice you might get - "if a guy says he's straight, believe him". Not because him saying so definitely means he is. But either he IS straight, or he's gay and not ready to tell anybody yet. And if he's not ready, you can't drag it out of him. So if he doesn't come out to you right then, assume he's straight for the time being, and get on with your life. Still hang out with him if you'd like, or take a bit of time away to "readjust" to the idea that you're friends-and-no-more. But keep him as a friend. And at least now you won't spend time vaguely nudging his thigh hoping he's interested in you, too. You'll have your answer. You can look elsewhere.
And if he comes out to you, and says he's interested too? Well, take time to post here again, so we can explain how to make your first time a good one.
You might not be ready for any of this yet. That's fine. But I think it's worth working yourself up towards.
Lex