Bendtner is expected to leave Arsenal on a permanent basis before the transfer window closes after spending the last two seasons on loan at Sunderland and Juventus.
A move to Bundesliga club Eintracht Frankfurt fell through after the failure to agree personal terms and he has since been linked with a switch to Hull.
Bruce worked with the Dane at both Birmingham City and Sunderland, but he is not anticipating a reunion with the 25-year-old at the KC Stadium.
"Nicklas, I've had twice, and there's no question about his ability," Bruce told Sky Sports News.
"It's obviously, when you're coming from a club like Arsenal, a) can we afford him? and b) would Nicklas want to come to us?
"So, all of those questions we have to ask ourselves and the big thing is the financial one.
"I think as a club a few years ago it got itself into a mess and, if it wasn't for the owners now in charge, then the club would still be in a mess.
"We have to be well balanced and afford what we can afford, and not send the club, if we don't succeed in what we want to do, into an abyss. We've got to be mindful of that.
"Nicklas Bendtner, without question, has got huge talent, but he might just be too expensive."
The Tigers were forced to pull out of a deal for Charlie Austin after the Burnley striker failed a medical, while Bruce is also not planning a fresh approach for Celtic striker Gary Hooper.
He added: "It's one we had a look at, that's all we did. I don't think that's going to go any further at the moment."