It certainly does look suspicious and John is right... don't take chances with this tree. We had to remove our oak tree recently and it had a much smaller opening that yours, about as big as a large man's fist. From all outward appearances the tree looked to be healthy, but we discovered it was hollow inside. After rigging up a light bulb to stick in the tree hole, my daughter taped her phone on a stick, put the phone on video, and put the phone inside the hole to see how much of it was hollow. It was awful! We called the local arborist and he said that given the fact that it was so close to our house, he recommended taking it down.