The Roma captain, 37, made an impressive start to the Serie A season, but a hamstring injury has seen him sidelined since October 18.
Totti's good start to the campaign had led to calls he could come out of international retirement for Brazil 2014, having last played for the national team at the 2006 FIFA World Cup.
Prandelli said he refuses to rule out Totti, especially if the veteran returns for Roma and plays the way he did to start the season.
"We talked a lot about Totti, but it obviously brought him bad luck," Prandelli told reporters.
"He's been hurt for a while, and when that happens at his age it is difficult to put a date on when he will return.
"We're waiting for him to get back on the pitch, and if he plays like he did before, we'll see."
After the pots for Friday's World Cup draw were revealed, Prandelli said he wanted to avoid Germany – but would like to face strong opposition early on.
"I'd like to avoid Germany in the group, but I'd sign up now to meet them in the final," he said.
"I'd quite like a strong group though. In our history we have always done well when the group is difficult.
"If it's easier, then that's when you find difficulties. Maybe we can get Brazil."
‘I don’t think Liverpool would look at Ollie Watkins, a striker isn’t a pressing issue for them – it’s Arsenal who need one’ Former Reds star explains why his old club don’t need an out-and-out forward this summer
‘He’ll still be playing at 40 at a good level because he’s in such good shape and looks after himself so well. He does everything to be a top professional’: Ex-Liverpool coach insists Mohamed Salah has plenty more miles in the tank
