Friend with Sexual Tension, should I ever do something about it?

Been with super close with this guy (lets call him) M. M & I met in college in a small writing class and ended up carrying the entire workload on our shoulders. We got very close. He would wait for me at my college apartment to walk to class together, share airpods, talk about movies, laugh together, I always figured it was platonic. He is known to be flirty mc flirt pants, and is just a lively personality with anyone he meets. While walking with him outside of class to get food or hangout, he would run into at least 7 people he knew within a span of ten minutes (I would always poke fun at him too).

I always deep down sort of liked him, but we would open up to each other about relationship drama and I realized he was a bit of a 1) a player and 2) he expressed no interest in a relationship with any girl, and would lead great girls on. After COVID hit we facetimed a bit for class and then afterwards just to catch up, and he would give me advice regarding my boy/date situation and I would give him advice for his. We would always give it to each other straight up and No BS. Because of his toxicity in previous relationships which he opened up to me about, I knew nothing could ever happen romantically as I would end up being utterly heartbroken so I have always stepped back from him once flirting got to be too much on his end.

He sometimes calls me randomly or sends me stuff that “reminded him of me” and lately he expressed how he missed me and things we worked on in college and wants to hangout in a city near us. I told him I would love to and we can situate it out (platonically). He then told me he is gonna be training to be a bartender and I said how thats great, he’ll thrive in that environment and make a lot of money blah blah blah, and he said “maybe I can make you a drink 😉 “. I know him, I get what he meant, but I couldn’t help but feel that was meant to be flirting.

Before COVID and we were both on campus, me and another girl went over to his apartment to finish working on an assignment. The girl and I left, and she immediately said to me “sooooo how long have you liked M???” AND I was so flabbergasted and kind of pissed off she said this as we were BARELY out of his apartment door. I was honest and said I had 0 feelings but friendship. Later in the week when I saw him again I was worried she was talking about me to him so I wanted to vaguely mention it but decided against it. We have never once discussed the sexual tension between us (even our college program director thought we were dating). I don’t know if I should ever bring it up as it could jeopardize our friendship. My plan is to reject any initial physical come on he may do when we see each other (if he does it), since he knows I am 1) looking to date( not looking for hookups) and I don’t think he would make that jump unless he knew I felt the same.

Last fall and christmas he did tell me twice how I was a “f**king catch” but never pushed it further. I really haven’t read anything into this until recently as I figured he was just being himself–which is a flirty character. I do appreciate him as a friend but unless he proves to me he actually WANTS to try something romantic, I don’t see how anything could ever escalate.

I am doing the right thing here.. right?