If you have zero plans for jumping jobs, sure tell him the recruiters are coming after you.
If you are interested in talking with them, I would most certainly NOT tell them. My rule of thumb is that if your current employer wanted to pay you such and such, they should already be doing it. If you talk to the new company and want to jump, then make your mind up beforehand. Being wish-washy makes people lose trust in you and think you aren't committed. It's weak leverage, and it will be remembered.
Now, I've seen instances where a valuable employee goes in to resign, and a company simply does not accept their resignation, and nearly breaks the bank to keep them. That's different. Of course that's an extreme example where the market corrected itself. Your motivation can't be to secure a raise from your current company, it has to be to resign.