He said: "I don't know when it will get sorted out, but as far as I am concerned, I'm ready right now. We have to listen to what the other side of the negotiations has to say.
"I have always said there are no problems in waiting and I can hold out for the right moment. We are in talks."
The sticking point is over the length of the contract, as in 2010, when his current deal expires, Totti will be 33 years old, so the renewal could be only another two or three seasons.