The 33-year-old took a break from the Azzurri after being part of Lippi's 2006 World Cup-winning team and subsequently made the move permanent, citing fitness problems.
"Totti is a great person and a great player," Lippi told reporters on Tuesday.
"I know there will be controversies (about selections) between now and June. I enjoy them, bring them on. I'm not excluding anything."
Totti, who has made a strong start to the season scoring six goals in Serie A, was quoted by Tuesday's La Gazzetta dello Sport as saying: "It depends on the coach's selections and how I am (physically). I owe him a lot."
"Up to now, no one has ever said no to my national team," he said.
Lippi said he would change all 11 players in his starting line-up for Wednesday's final World Cup qualifier against Cyprus in Parma after his team booked their place in South Africa with a 2-2 draw in Ireland on Saturday.
