Hull City took both men on season-long deals over the summer, from Sunderland and Tottenham Hotspur respectively.
It appears unlikely that Spurs will look to take Livermore back to White Hart Lane, given the strength in depth Andre Villas-Boas has at his disposal.
Graham may be returned to Wearside, though, with Gus Poyet having replaced Paolo Di Canio - the man who sanctioned the move - in the Black Cats' hot-seat.
Bruce said in the Hull Daily Mail: "There's a possibility Danny Graham could go back and there's a possibility Jake Livermore could go back to Spurs too.
"That's something I've got to live with. Gus Poyet rates Danny highly so I wouldn't be surprised. That's a concern and we have to be ready for it if it happens.
"You can put things in place to have a replacement ready in the event of it happening so we'll be prepared. We've got a few irons in the fire."
While Bruce believes Graham could be heading for the exits in the New Year, the 28-year-old striker has expressed a desire to see out the campaign at the KC Stadium and hopes Sunderland will grant him that wish.
He said: "I've not spoken with anyone at Sunderland regarding January. I'm just fully concentrated on doing well here, getting back in the team and helping Hull City get some more points on the board.
"I'd like to stick around. The gaffer obviously showed a lot of faith in me in the summer, so I'd like to repay that over the course of the season.
"There is a window where they can bring me back but we'll have to wait and see what happens. In the meantime I'll just carry on doing my best for Hull City."