The 37-year-old had been in impressive form this season before being ruled out since October with a hamstring injury.
The veteran playmaker has now recovered and could make a return in the game against Milan, and Allegri admits that he would prefer it if Totti does not play as he "raises the quality level" for Roma.
"Totti may be 37 but we will have to watch him very closely and that goes for Gervinho too," Allegri told reporters.
"Totti is an example to all young players on how to become a great player. I would prefer that Totti was not playing because he is the catalyst for their football and raises the quality level of the whole team.
Milan currently sit in ninth place in Serie A, 19 points behind second-placed Roma.