The former Real captain signed with Schalke this week.
"Sixteen years with the Real Madrid shirt, 323 goals and 741 games... [they are] figures that leave you with your mouth open," Totti told his official website.
"Apart from being one of the strongest players in Spanish football, he was the soul of Real Madrid.
"I have always admired him. For me he is a great, one that deserved to win the Ballon d'Or.
"He could cover any role and he had goals in his blood.
"Players like him are few and this is why I want to render his honour."