The Italian was close to a move to the Liga giants but opted to stay with boyhood club Roma instead, and the 36-year-old feels that his trophy haul would have been significantly larger had he moved to Santiago Bernabeu.
“I was close to joining Real, I wanted to sign for a big club so I could win things,” Totti told France Football.
“Had I joined Real Madrid I’d have won three Champions League, two Ballons d'Or and many other titles. I’d have loved that chance, absolutely.
“But I’m glad I did make the decision I made, although I just wish I'd have won two or three more Scudetti.”
The World Cup winner admits he would be "flattered" should Roma choose to retire the No.10 shirt when he retires, but he believes it would be unfair to deprive youngsters of the chance to don the famous jersey.
“I’d be flattered [if the number was retired] but on the other hand it would also mean the end of a dream for a youngster who wanted to play in the No.10 shirt worn by Totti,” he added.
“To wear that number you certainly need a lot of strength of character. The No.10 shirt is a ‘heavy’ one, one that has always been looked upon as different from every other shirt.”