The Giallorossi were drawn against the Portuguese league leaders at Monday's draw at UEFA headquarters in Nyon, with the tie set to take place in February and March.
That gives Eusebio Di Francesco's side around two months to rediscover their form and confidence ahead of the tie, following an uneven start to the current campaign.
Nevertheless, having avoided potential ties against the likes of Barcelona and Paris Saint-Germain, Totti was not disappointed to face Porto.
“Perhaps we can say we are a bit fortunate, looking at some of the other sides we could have faced,” Totti said.
“But Porto are a great side, in good form, they are top of their league and just completed a very strong group stage in this competition. They will be a very tough opponent. We will have to be at our best from the first moment.”
He added: “We want to repeat what we did last season in the Champions League, even though obviously we know that will be far from easy. We haven’t been great in the league so far this season, but we still have a chance to rebound and do much, much better than we have been doing."
With a while until the two sides meet, Totti hopes the impending tie will focus minds.
“We’ve got two months until the game arrives," he said. "We will try to be back to our very best by the time the tie comes around.
"We need to find consistency and results and bring back a bit of confidence to the players and the staff, everyone.”
Porto should know Roma well - the two sides last faced each other in 2016, while coach Sergio Conceicao will know the city well from his time at Lazio as a player.
On Conceicao, Totti added: “We faced each other in a few derbies, some we won and some we lost – but of course I only remember the good ones, because I was player.
"He’s doing a great job, he’s taken to being a coach well and I hope he achieves great things from… late March onwards!
"I’m at the start of my own post-playing career experience. I’m learning all the time, and hoping to give everything I can for this club just as I did as a player. There are a lot of things that I understand now that I did not really see as a player.”
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