I think you would do well to invite him over for a movie one night ( on DVD or videocassette ), and while you two are watching the movie, start cuddling and touching him in ways that you didn't used to, then you can let him know that you've been feeling differently and that you'd like to see how things went if the two of you got closer.
Let him know (like the first guy said), but make sure that you put the ball firmly in his court. Don't dig too much - just let him know by saying something like "hey, I've been thinking about you a lot lately, and was wondering if you ever had intentions of pursuing me" or something. But definitely give it some style. Ease into it, make your point, and then let him take the lead after that. If he's confused or doesn't respond, then regroup and don't bring it up again.
Also, if you're the praying sort, pray for him to take the lead one way or the other, and pray that you know how to respond.
I agree 100% with the previous post. If you have these sorta feelings towards this guy (bless you first off, my situation is similar but my best friend doesn't like me I suppose), then I'd break it slowly. Start with talking long term things, maybe stuff that's a little scandalous, and let him know how much he means to you through bits and pieces. If the feeling is mutual (and usually it is), he'll respond the way you would like him to. The thing is, if this is the way you feel, don't be nervous about it! Go with it and see where it goes!
Don't just break it to him- start making a little more physical contact (just like brushing his arm or sitting closer to him than you normally do. Straighten his collar, goof with his hair a little. Whatever. ) about a 4-7 days before you tell him. Then say something like "you've always meant a lot to me- I was just thinking. Maybe should we take it further? " but of course in your own words, etc.