Totti, 48, has revealed he has interest from Serie A clubs about a playing return.
But Graziani told Mediaset: "When I have to comment on something about Totti I struggle, I'm so fond of him.
"But at this moment if he wants to play again he's lucky, there's walking football. Because in football played at 48 years old, after so many years of being stopped, it's difficult, something like that is unthinkable."
Totti said last week: "No, it's not a joke. I took it seriously. There are one or two teams, now let's see what my head and body tell me. My head already knows the answer, my body, let's see. Who knows what next year will bring us. Return to the field? For Serie A we are talking about at least two months of training, that's the time frame."