According to Sky sources, Bruce, who held talks with Football Association over the vacant England manager's job earlier this month, has left the club amid a takeover bid which has restricted transfer activity, leaving them with only 13 fit outfield players.
Here's a look at the favourites to replace Bruce, according to Sky Bet's next Hull City manager odds...
Ryan Giggs - 4/1 with Sky Bet
Bruce's decision could provide the Tigers with the opportunity to give Giggs his first managerial job. The 42-year-old recently called time on his 29-year stay at Manchester United in pursuit of a managerial career, which he'll surely be hoping will set him up to one day take the reins at Old Trafford. The Hull job would certainly represent diving in at the deep end, facing the challenge of keeping the newly-promoted outfit in the Premier League amid a stagnated takeover and with barely enough fit players to field a team.
Mike Phelan - 4/1 with Sky Bet
Could Hull City assistant manager Mike Phelan be promoted?
Promoting form within looks the logical short-term option and in assistant manager Phelan they already have a man with an abundance of experience, albeit none as the number one. If an interim boss is their preference then he would be the obvious option, although Sky Bet's odds are for 'next permanent manager' so he'd need to be in charge for 10 games if handed the caretaker role for bets to pay out.
Steve McClaren - 8/1 with Sky Bet
Steve McClaren is 8/1 to return to management with Hull City
If the powers that be are looking for a manager with experience and a strong link to Hull then McClaren is their man, having spent six years at the club at the start of his playing career. He's also had to handle his fair share of turmoil, working in three different countries, managing the national team, various relegation battles, and operating under some big expectations. You can say what you like about McClaren but he's never one to shirk a challenge and surely eager to rebuild his reputation after leaving relegation-bound Newcastle last season.
Roberto Martinez - 8/1 with Sky Bet
Former Everton manager Roberto Martinez is 8/1 to take the Hull post
The Spaniard's stock has also fallen in recent seasons, with his time called at Everton at the end of last season following back-to-back bottom-half finishes. However, that job was earned on strong merit, staving off relegation against the odds with Wigan in successive seasons before eventually going down with FA Cup glory the same season. While the immediate situation at the KC Stadium may not appeal, Martinez knows he is equipped with the tools to fight the drop, with the prospect of new owners potentially providing an exciting long-term vision.
Other options
David Moyes is also considered an 8/1 chance but is just 1/3 to be the next Sunderland manager, as Sky sources understand he is the Wearside outfit's number one target. Frank de Boer follows in the betting, having also been linked with vacancies at Everton and Southampton after leaving his post with Ajax at the end of last season, having failed to secure a fifth successive Eredivisie title. From there on the odds head into double figures, with Gary Neville 12/1 followed by former Tigers boss Phil Brown at 16/1.
