The versatile midfielder has spent the season on loan at Hull, but Bruce has revealed that he wants to sign the 25-year-old on a full-time contract, in addition to acquiring a number of new players.
"With Elmohamady, there's a deal hopefully to be done with Sunderland. I'd like to make him permanent," Bruce told Sky Sports News.
"There's lots of negotiations on lots of people. We had a lot of loan players which we managed to bring in to help bolster the squad, but they belong to other people, so there is a lot of work to be done.
"We will try to pick through them carefully, but one thing we won't do is pay ridiculous money because I don't think that works either. We've got to try to identify players like the group I've got at the minute who are young, hungry and desperate to prove themselves at Premier League level."
Hull secured promotion to the Premier League with a 2-2 draw against Cardiff City last weekend.