My employer has been hit hard by COVID-19 and might consider further lay-offs. Should I have a frank conversation with my manager about an outside offer?

I've been working for my current employer for almost a year and am currently working from home. I love my team, I love the work, and my manager is a good guy. Like most businesses in the age of coronavirus, revenue has taken a huge hit and they've already had to make four redundancies/lay-offs. I'm in a comparably safer role/department but I've agreed to a voluntary salary reduction and reduced hours to help stave off any other job losses.

While our company is already talking about a path back to normality (phased approach returning to the office later this year, etc.), our director has been honest that they might have to consider more restructuring and cost reductions in July. On a whim, I responded to an interesting LinkedIn ad a while back and the interview process is going well. I don't actually want to leave my role or start over somewhere new but it's a genuinely interesting opportunity despite a horrible economic situation. If I do get an offer, I'm not interested in using it to negotiate, but I am interested in having an honest discussion with my manager about my job security. I don't want to turn something down and then get laid off shortly after.

If you were my manager, would you want me to talk with you about this, especially if it's clear I'm not trying to use it as leverage or a negotiation tactic? He may not know for certain whether I'll be laid off but he certainly has a better idea than I do. Knowing I have another opportunity might free him to talk more candidly about where I stand?

Any thoughts?

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