Bruce is in the market for new signings this month and reportedly retains an interest in West Brom striker Shane Long.
In the meantime he has persuaded Aluko, whose previous deal was due to expire at the end of the season, to commit to Hull until the summer of 2016.
The Nigeria forward is close to a comeback after almost three months out with an Achilles injury, and Bruce said: "If Sone gets fit over the next couple of weeks, he's a top player as we've seen time and again.
"(His new contract) could be the most important piece of business we do this month.
"He's a special player for us, I've said that all along, so let's hope we see him doing what he does best in the next month or so."
Aluko said: "I need to focus on getting back playing and getting back playing well.
"The manager and the owners have shown a level of faith in me and I have to repay that by playing well on the pitch. That has always been my priority.
"I'm trying not to set any deadlines and I'm just taking it day by day but so far it's gone according to plan and I think I'm maybe even ahead of schedule so hopefully I'll be back playing soon.
"I believe that when I get back playing, I'll hit the ground running and recapture the form I was in before."