The former England international left Tottenham for the MLS outfit in February 2014 and went on to score 11 times in 19 league appearances in his debut campaign.
But the forward is being heavily linked with a return to the Premier League and Bruce revealed that he is one of several managers interested in acquiring the 32-year-old's services.
However, Bruce did concede that the 2007-08 FA Cup winner will probably prove to be too expensive for Hull.
Bruce told reporters: "Well, there is always speculation. If you ask any club in the bottom half of the table if they are interested in Jermain Defoe, all of us would say yes.
"Whether we can do it, financially, is another problem, but if he becomes available, which I believe he is, then we'd love to try and do something.
"I think he might be too expensive, but it's not a bad bit of speculation."
Should Hull miss out on the signing of Defoe, Bruce can at least take solace in the performance of Uruguayan forward Abel Hernandez during Thursday's 2-0 Premier League win over Everton.
The former Palermo attacker has endured an underwhelming start to life in the English top flight since becoming Hull's record signing, but Bruce believes the talented 24-year-old has turned a corner.
Bruce added: "It's no secret that he has found it difficult. When he has played three games he then has to go off for international duty halfway around the world, and then come back fatigued.
"He's had a baby, not physically himself, three or four weeks ago - things have happened.
"But the big thing is that we needed to give him time and he has proven - if he had anything to prove at all - what a good player he can be for us because he put on a hell of a show, which was great for himself personally because I know he has been beating himself up.
"It's not easy when you can't speak the language, can't eat the right food and all the rest of it. He's had a difficult time, but today [Thursday] he was the real deal."
Ahmed Elmohamady and Nikica Jelavic fired Hull to victory over Everton with two first-half goals.
