What to do when you are split in two

A new job position was recently posted which overlaps my current job. This is happy news, since it should leave me with less to do. But now I do not know what entirely my job will comprise of, and whether it will become more interesting or more dull.

I am eligible to apply for the new job, and, by reason of that overlap, very qualified. But the new job is one of those remote-reporting type of jobs; the position is in one place and the supervisor is in another place states away. This increases the job’s risk of downsizing or relocation.

On the other hand, my current job, thus diminished, is also at greater risk for downsizing.

So tell me, panopticon: which door?