Totti was sent off in disgrace for kicking out at Balotelli during last week's Coppa Italia final.
"From the first moment I stepped on to the pitch, Balotelli provoked me,” Totti told Diva e Donna.
“He even said ‘Oi granddad! You are finished!’”
Totti responded by chasing down the 19-year-old Inter striker and viciously swinging a kick at the back of his ankle.
“I made a mistake and I know that, but I never used a racist epithet. Never,” insisted Totti.
“I feel very alone right now. Thankfully my life-long friends are with me, the children and my wife, Ilary.
“I made a mistake, but I was provoked.”