Two players were injured in the attack in the northern province of Cabinda.
Organisers insist the tournament will go ahead but Togo's players met later on Friday to discuss returning home.
"If we are still not sure [about security] then we will be leaving," captain Emmanuel Adebayor, of Manchester City, told BBC Afrique.
"It's a football game, it's one of the biggest tournaments in Africa and a lot of people would love to be in our position but I don't think anybody would be prepared to give their life.
"So I will talk with the team and we will discuss between us and take a group decision that we think is good for our careers, good for our lives and good for our families because at the end of the day it is only football.
"If I am alive I can still play football tomorrow and in one year maybe even another Cup of Nations but I am not ready to pass away now.
"I think a lot of players want to leave, they don't want to be in this tournament any more. Because they have seen their death already they have been in a situation where they have been close to death - most of the players want to go back to their families."
The driver of the Togo team bus was killed in the incident, while nine others were injured including two players, an assistant manager, physio, goalkeeping coach and another coach.
Defender Serge Akakpo, who plays for Romanian club Vaslui, was hit by two bullets and lost a lot of blood in the attack in Angola's oil-rich territory of Cabinda, which is due to host seven matches.
Adebayor said the players were unsure whether Akakpo would survive at the time, but his club reported that his condition was stabilised and he underwent successful surgery.
Reserve goalkeeper Kodjovi Obilale, who plays for French club GSI Pontivy, was also wounded, while several other players required hospital treatment and were later seen with bandages on legs, hands and faces.
"I don't think any of the players will be able to sleep after this," said Adebayor, who admitted they were all still in shock.
"You cannot sleep after what we have seen today - one of your team-mates with bullets in his body in front of you, crying and losing consciousness. It is very difficult."
Togo team-mate Alaixys Romao, who plays for Grenoble in France, said he thought there should be a boycott of the tournament.
"Why not cancel all the matches? We just want to go home," he said.
Team-mate Thomas Dossevi of Nantes, one of nine France-based players in the Togo squad, said: "We don't want to play this Africa Cup of Nations.
"We're thinking about our team-mates - to be hit by bullets when you've come to play football is disgusting."
Togo are scheduled to play their first match against Ghana on Monday, with the tournament's opening match between hosts Angola and Mali on Sunday.
Souleymane Habuba, spokesman for organisers the Confederation of African Football (CAF), said the tournament would proceed despite the attack.
"Our great concern is for the players, but the championship goes ahead," said Habuba, who questioned why Togo had elected to travel by road rather than flying.
"CAF's regulations are clear: teams are required to fly rather than travel by bus," he added.
Our players' safety is paramount and if that can't be guaranteed the players should be sent home
Portsmouth spokesman
Adebayor emerged unharmed from the attack along with Aston Villa midfielder Moustapha Salifou.
Villa boss Martin O'Neill expressed his shock at the incident and relief that Salifou was not among the injured.
"The club have been in contact with him and he has reassured us that he is okay but he is extremely shocked and upset, which he would be in these circumstances."
Portsmouth have four players at the tournament and club spokesman Gary Double said they had sought reassurance from the English Football Association and world governing body Fifa about their players' security.
"Our players' safety is paramount and if that can't be guaranteed the players should be sent home," he said.
Fifa also expressed their concern about the attack.
"Fifa and its President, Joseph S. Blatter, are deeply moved by today's incidents which affected Togo's national team, to whom they express their utmost sympathy," said a statement.
"Fifa is in touch with the African Football Confederation (CAF) and its President, Issa Hayatou, from which it expects a full report on the situation."
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Man what is going on, I turned on the news to see adebayor and others crying. Do you guys think this is a conspiracy to tarnish african football? It could be abramovich wanting his players back early
