I should let him go, but I don't want to?

My situation is long and complicated, so I'll try to get to the point and only use info that I feel is relevant. Have you ever met someone whom you instantly feel at home with and have this connection you can't explain? Well, that is me and this guy friend of mine. We've had this connection since we met as teens ( early teens ). Life always took us in different directions throughout the years, but every time, it brought us back the feels have always been there and just as strong or even stronger. But one or both of us was always in a relationship. That's no different this time around, but now we are full-grown adults in out mid 30s and only one of us is in a relationship (him). We have been talking for a long time this time around and the feelings are still very much there for both of us.. at first I was ok with just talking as friends because of his relationship and thought I could keep it that way, but I can't. I want more and he says he does too but is in a tricky situation. I'm tired of wanting more and not ever getting it.. I know I have to let him go, but I don't want to but I know I need to.. how do I tell him I need to let him go, but I don't want to without looking needy or desperate because I'm not. I know what the connection we feel, I just don't want to keep wanting someone I can't have. But I don't know how to move on. Men how would you prefer a woman tell you this news?
Updates
1 y
I think It's important to note that when he reached out neither of us really expected this after all these years. It just started out as a hey, how have you been? message and it just got ahold of us from there.
I should let him go, but I don't want to?
Post Opinion