The club have had a fee accepted for Everton striker Jelavic, thought to be a club record, and hope to tie up the deal imminently and have opened talks with West Brom over Republic of Ireland forward Long.
He would also command a figure around or above Hull's previous high of £5.25million for Tom Huddlestone and if both deals come off Allam would have sanctioned a new era of spending at the KC Stadium.
Despite saving Hull from financial oblivion and overseeing their promotion to the top flight, he has made himself a controversial figure in East Yorkshire by announcing his intention to ditch the historic Hull City AFC identity in favour of his preferred 'Hull Tigers'.
The matter is currently being assessed by the Football Association, but while fans still chant their opposition to Allam's proposals at matches, Bruce is focusing on the support the Egyptian businessman has given him.
"There is a lot of nonsense over a name change. For me the chairman has not only rescued the club but has signalled his intent to say 'we want to try to stay here'," said Bruce.
"He wants his club in the Premier League and he is trying to back me as much as he can. The outside world talk about us in the wrong vein, like he is someone who has come in and doesn't understand.
"He's been here for 45 years and wants the community of Hull to have a Premier League team.
"He's put a lot of money in to back that so everyone should be delighted he is the chairman. I've certainly enjoyed working for him and trying to do some business shows you what we are and what we are trying to be."
Asked if the pursuit of Jelavic and Long represented a risk, Bruce responded: "Everything is a gamble but what I've always said is that we never want to put the club in a financial mess.
"With the size of the money invested in the Premier League these days, the chairman has put his money where his mouth is and one thing he won't do is put the club in distress."