Both players are now well into their thirties but there is a growing clamour for at least one of them to be included in the Azzurri squad for Poland and Ukraine
Totti retired from international football as a World Cup winner in 2006 but remains an influential figure at Roma, while Del Piero, who has not featured for his country for four years, has been making headlines for his recent cameos with Juventus.
However, while both are now being linked with a dramatic return to the Azzurri fold in time for the Euros, Prandelli is giving nothing away.
“When it comes to dealing with Totti and Del Piero, it requires great respect,” the Italy coach told Roma Channel.
“Will they be called up for Euro 2012? It is best not to say things like that, but they have certainly given so much [to Italian football] and I am convinced they still have much to give.
“The evaluations I will make when choosing a squad will not only be regarding their birth certificates, but also design and continuity."
However, Prandelli admitted that Antonio Cassano will be recalled to his squad if the AC Milan forward proves his fitness after five months on the sidelines following an emergency heart procedure.
"We are waiting for him," the former Fiorentina boss confessed. "He is recuperating with great enthusiasm and determination from the problem he had to deal with.”
Italy have been drawn in the same group as reigning champions Spain, Republic of Ireland and Croatia for Euro 2012.