Meyler, who has fought back from two serious injuries since leaving Cork City, has scored three goals in nine games for Hull and become an instant favourite with Tigers fans.
Bruce said: "David gives us energy and drive that complements the good footballers we've got.
"I've said all along that it was imperative that we get our loan players tied up and we're doing our utmost to do that.
"It's a good sum of money and fair play to the owners again. He gives us something that we haven't got since he's come into the team.
"He can only get better as well. His career has been cut short by a knee injury and he'll get better the more he plays. That athleticism makes him a great competitor."