Totti has enjoyed a strong campaign in the Serie A for Roma, who sit second but a long way behind leaders Juventus.
The 37-year-old retired from international football in 2007 – a year after Italy's World Cup success in Germany – and has not featured for his country since.
Days after Totti said he would be 'proud' to be recalled, Cesare Prandelli has hinted only a lack of fitness could keep the star attacker out.
"I find it enormously pleasing that a great champion, one of the best in the post-war period, gives the Italy coach the opportunity to think of him," Prandelli told RTL Radio.
"Before his injury, Totti had an extraordinary physical condition and he is now finding it again.
"He said that obviously a decision will only be made after verifying his fitness levels, so it's not just a technical issue. After all, nobody can doubt Totti's credentials.
"It's true his age is what it is, even though he is proving he can sustain the tempo of a match. In Brazil it'll take something more. We will evaluate his fitness levels."
Parma forward Antonio Cassano also appears set to be picked after his promising performances for his club.
Despite being drawn in a tough Group D featuring Uruguay, England and Costa Rica, Prandelli said Italy had nothing to fear.
"The sensations are all good and logistically things are going well. There are four teams who are the favourites, then many others," he said.
"We want to arrive at the competition in good physical and psychological shape, because we have a particularly tough group.
"We are not afraid, as we already experienced the climate at the Confederations Cup last year and know the difficulties we will be going into."
