The 36-year-old, who has been at Roma his entire career, admitted that he wanted to renew his deal last month.
Now, after meeting with Pallotta, Totti joked that he could stay another seven years.
"I'm staying on until 2020," he told the waiting journalists.
Pallotta also spoke with the waiting press and said: "Totti told me that he can stay for another two years."
Roma take on Lazio in Serie A on Monday evening.