The captain had been in talks for some time over penning what is effectively the last contract of his playing career.

This evening, once the trading had ceased on the stock market, Roma could formally announce that Totti has extended his agreement with the side until June 30, 2014.

The deal was ratified by the Board today and includes a further five-year agreement to stay on as a club director.

Totti has won the battle over image rights, the lucrative area of contracts that enables players to have full control of their sponsorship deals.

It is believed that the captain will receive around £3.5m per season.

The paperwork had already been stamped in November, but only today did the Board of Directors ratify it.

Totti has spent his entire career in the Roma jersey, from their youth system to his Serie A debut aged 16.