The Tigers boss is an admirer of the Denmark international's talent after working with him at Birmingham City and Sunderland, but admits a reunion at the KC Stadium is unlikely
Bendtner is expected to leave the Emirates Stadium on a permanent basis this summer, after spending the last two seasons on loan at Sunderland and Juventus.
And Bruce worked with the 25-year-old at both Birmingham City and Sunderland, but is not anticipating a reunion at the KC Stadium this summer due to financial restrictions.
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"It's obviously, when you're coming from a club like Arsenal, a) can we afford him? and b) would Nicklas want to come to us?
"So, all of those questions we have to ask ourselves and the big thing is the financial one.
"I think as a club [Hull] a few years ago it got itself into a mess and, if it wasn't for the owners now in charge, then the club would still be in a mess.
"We have to be well balanced and afford what we can afford, and not send the club, if we don't succeed in what we want to do, into an abyss. We've got to be mindful of that.
"Nicklas Bendtner, without question, has got huge talent, but he might just be too expensive."
The Tigers were forced to pull out of a deal for Charlie Austin after the Burnley striker failed a medical last week, while Bruce confirmed that he is not planning a fresh approach for Celtic's Gary Hooper.
"It's one we had a look at, that's all we did. I don't think that's going to go any further at the moment," he concluded.