Should I [25F] confess to a friend [27M] now that we’re both single?k

Hey and howdy- I could use some advice on how to handle a situation I find myself in with an old flame. I’ll apologize now if this is a bit vent-y, I’ll try to keep my thoughts concise for your convenience-

I (25F) met and befriended a guy (27M) years ago – we hit it off and became pretty close in the years we knew each other. I felt I could relax and be myself around him because he was in a long-term relationship with his then-girlfriend. Granted, I had a crazy huge crush on him, but I was more than happy just to be friends with him. One night after hanging out, he asked to talk, and he confessed that he had feelings for me. In his defense, he and his girlfriend were poly/open (I’m not sure which, I accepted they had their own thing and didn’t inquire – do forgive me), but I was so surprised by his confession I panicked and said “That’s so sweet of you… Good night!”

I felt so bad and I deeply regretted saying that, so I messaged him later (the next day or so) asking him if we could meet up to talk. But after that night, he pretty much distanced himself from me, and we stopped being friends entirely. I gave him space – when we were hanging out with mutual friends or in the same space, I’d act as I normally would, but would try to mirror what he gave. A year later, I asked again if we could talk over things, and I received no response, so I took that as a sign to leave him well enough alone.

Cut to recently – I’ve remained on good terms with many people from that circle, including one of his closest friends. A while back, we were spending time together when they recommended I reach out to Old Flame, and that he’d probably be down to be friends again. I was unsure but thought “what the hell” and reached out – and he responded! We’ve been hanging out now and again and have caught up. He is now single, which is where I’m wrestling with myself. I’m also recently single, and I’ve realized that the unspoken affection from years ago has not only never actually gone away, but it’s back for a full-force sequel.

Where I’m torn is whether or not to tell him. I’m not worried about rejection, I know myself well enough to know that even if he rejects any confession from me, it won’t affect the friendship from my end; I can shrug it off no problem. What I am DEATHLY afraid of is upsetting him, as the last thing I want is to make him at all uncomfortable or unhappy. I’m frustrated that I’m in the same position I was in years ago: crazy into him, but so scared to make him uncomfortable, I keep my feelings buried.

TLDR: Guy I was crazy into years ago confessed he liked me and I panic-refused him, and he created space when I tried to talk things out. We drifted apart but are now friends again with my crush resurrecting with a vengeance. I want to talk to him about it, but the last thing I want is to make him uncomfortable.

So I’d really appreciate some fresh perspectives. Do I channel my feelings elsewhere and hope they’ll eventually subside? Do I take a risk and tell him? A secret third option I haven’t considered? I would in a perfect world love to be with him, but my more realistic goal is to minimize any discomfort on his end while I deal with how I feel.
Regardless, thank you for reading, and I’d really like to hear your thoughts.