The Magpies finished 12th in the Premier League last season, though they flirted with dropping into the relegation zone for large parts of the campaign and Bruce came in for criticism.
Bruce stated towards the end of the last season that the goal for Newcastle in the upcoming campaign is to finish in the top half of the table.
One of the reasons for Newcastle’s upswing in form towards the end of the season was the signing of Joe Willock on loan from Arsenal and Bruce is eager to land the midfielder permanently.
And he will be backed with funds as it is claimed that Bruce will be given £50m to spend in the summer window.
It remains to be seen who Bruce will be targeting, but the Newcastle boss will be keen to make his funds count.
Willock remains a player whose signing is important to Bruce, but the Magpies have also been linked with players such as Ozan Kabak, Hakan Calhanoglu, Matt Grimes and Conor Gallagher.
Bruce previously broke Newcastle’s transfer record in the summer of 2019, when he signed Joelinton for reported fee of £40m.