Bruce will re-invest money from the summer sale of Ecuadorian winger Antonio Valencia.
“Valencia’s sale is inevitable. When you have five or six of the biggest clubs in the world after you it is very difficult for us to stand in the boy’s way,” said Bruce.
“We will see what develops over the next few weeks – but I don’t know where they get the £21million from.
“He has done fantastically well and if we do get big money for him the one thing we will try to do is reinvest it back in the squad and try to make it stronger and better if we can.”
Bruce spent time in charge at Birmingham while Pennant was at the club.
During that time the Liverpool winger spent time in prison for a drink-driving offence.
“He did particularly well for me, but he is going to have to get the tag back on,” Bruce joked in the Daily Mirror.
“He was sensational in the last 10 games of the season when he was wearing it.
“If the inevitable happens and we lose Luis Antonio Valencia then he is someone I am interested in.”
