I'm thinking about cutting a friend out of my life.
Why do you want to cut your friend out of your life?
he's very self centered and I don't enjoy spending time with him anymore.
I'm sure you're frustrated with your friends behavior, but you should discuss the issues with them about why you are ending your friendship. It's fine to end your friendship but tell them why it's ending and how they've hurt you.
I'm afraid he'll use that as an opportunity to get back into my life.
That's understandable, and it's OK to cut contact with him completely if you're worried he'll keep trying to hurt you. No one has the right to abuse you and it's OK to put your foot down and cut ties with people who do.