If you have NO feelings for this friend, there is no need to read further into this answer, he will continue to do so, and you should not find this to be a big deal unless he makes a move on you, then let him know (telling him is the BEST thing you can do; say you love him, just as a friend).
If you are interested, there are specific things you should know.
You have to be the judge of his personality. Is he a "popular" guy (is he constantly with different people)? Is he the "shy" type (how long did it take you to actually be able to carry on a conversation)? There are literally hundreds of "types" of people out there, and each one has their own way of hinting that they are interested.
My experience with leaving hints instead of just coming out and saying, "Hey, do you want to go out some time?", is, for lack of a better word, extensive.
I did this with many of my crushes. I would, for lack of a better analogy, get in close like a boxer and do little "jabs" trying to gauge a reaction from her. Guys don't want to have to make the move, but unfortunately, that is the what is expected of us. He is doing the same. He is coming in close to try to draw you onto the offensive (asking him).
Him wanting to hang out with you is a good indication that there could be something more there. It shows that you are constantly on his mind. You are the one person that he wants to hang out with instead of other people.
If you want something to happen from this, proceed with EXTREME caution. He could be "just a friend". Men send signals that other men interpret as "hanging out". We do not think as analytically as women, therefore you could be picking up mixed signals.
Suggestion: The next time you two are together (ALONE) "hanging out" (it could be watching a movie, eating dinner, chatting, etc...) get close to him. Be as non-chalant as you can be, but make sure to send some sort of signal to him. Unfortunately, this is as far as I can go on this answer... The rest is up to you. Do what you feel is best, both for you and him. But remember, above all, don't pressure him. He could feel backed into a corner, and once you have him in a corner, its game over.