Totti's contract was due to expire at the end of the season but Roma have moved to secure the future of the 36-year-old veteran.
The striker, who joined Roma in 1989, has remained at the club ever since, scoring over 200 goals in more than 500 appearances.
And the club captain is set to extend his stay in the Italian capital.
Totti said after Monday's 3-1 Serie A win over Parma, in which he scored: "We are sorting out the final details.
"There isn't a lot to do. We'll watch for the president now to make a decision on when to put pen to paper."
Roma general director Mauro Baldissoni confirmed that Totti's new deal would be confirmed shortly.
"There are just the fine points remaining to sort out," Baldissoni said.
"He will soon sign the contract. There are no problems."
