The Tigers had been linked with the Arsenal striker, who has had loan spells at clubs managed by Bruce twice in the past.
He praised the 25-year-old but is not anticipating signing the striker this summer.
"Nicklas, I've had twice, and there's no question about his ability," Bruce told Sky Sports News.
"The big thing is the financial one. I think as a club a few years ago, it got itself into a mess and, if it wasn't for owners now in charge, then the club would still be in a mess.
"Nicklas Bendtner without question, has got huge talent, but he might just be too expensive."