The AS Roma striker quit the national team after their 2006 World Cup triumph but coach Marcello Lippi has consistently said he would consider the 33-year-old for the June 11-July 11 tournament in South Africa if Totti reverses his decision.
"I don't know if I'll come back because I still haven't spoken to Lippi and then I've got to check my fitness," he told Canal Plus TV.
"Then I'd have to see if the team wanted me, so it's one thing after another."
Italian bookmakers are offering average odds of 5/2 that he will return.
Totti, who has been dogged by injury problems since 2006, missed a large chunk of this season because of knee trouble but has still managed 10 league goals this term.
Italy are far from flush in terms of attacking talent.
Alberto Gilardino has been Lippi's main striker during the past two years and Juventus forward Vincenzo Iaquinta, hit by injury this term, can expect to be on the plane if fit.
Antonio Di Natale is Serie A's top scorer with 22 goals despite playing in a struggling Udinese side.
Other strikers vying for a spot include Sampdoria's Giampaolo Pazzini, Napoli's Fabio Quagliarella, AC Milan's Marco Borriello, Villarreal's Giuseppe Rossi and Totti's Roma team mate Luca Toni.
World Cup winner Toni had a dreadful Euro 2008 under Roberto Donadoni and hardly played in the first few months of this season after falling out with Bayern Munich coach Louis van Gaal.
The 32-year-old moved to Roma on loan in January and after injury curtailed his first few weeks, he has looked bang on form as Roma push for the title.
He also offers a physical and aerial presence that no other Azzurri player can match.
Holders Italy face Paraguay, Slovakia and New Zealand in Group F.
