Recent reports had claimed that the Tigers may look to move the 27-year-old on as they prepare for life back in the Premier League.
However, manager Bruce has insisted that the Republic of Ireland international will "definitely" be at the KC Stadium next season.
"Paul has had a difficult couple of years but he will be the first one I speak to in the next week or so to offer a new contract," Bruce told reporters.
"He fully deserves that and he will definitely be one we take with us into the Premier League."
McShane joined Hull on a free transfer from Sunderland in 2009.