The English forward is in high demand as Queens Park Rangers and Leicester are just two other Premier League clubs also believed to be looking at Defoe.
“If he becomes available, which I believe he is, then we’d love to do something,” Bruce said.
“I think it might be too expensive but it’s not a bad bit of speculation.
“There’s always speculation. You ask any club in the bottom of the division about Defoe, all of us would say yes. Whether we can do it financially is another problem,” the Hull manager added.
Toronto have not ruled out a departure for their star forward, who netted 11 goals in 19 appearances during his debut season in Major League Soccer, but would likely part ways with him if the price was right.
The 32-year-old joined the club from Spurs in a £6 million deal last January and penned a four-year contract worth £68,000 per week which could potentially rise to £90,000 with the Canadian-based MLS club.
That figure will be difficult to match for clubs in the bottom half of the Premier League but the need for goals may see clubs such as Hull and QPR stretch their budget for the former Spurs hero.
Defoe has not said that he wants to leave Toronto and could well start the 2015 season with the club, but he is believed to be interested in a return to England if the offer comes.
A loan move could still be the best option for all parties, as Defoe would get to play a few games back in the Premier League, offering much needed help to one of the sides interested. And he would be sharp ahead of the new MLS season as a result.
The rumours just won’t go away as far as Defoe’s future is concerned but we can expect to see someone put an offer on the table in the next few weeks.
Would Hull City be a good move for Jermain Defoe? Should he stay with Toronto in MLS?