James, who finished the World Cup as England's first choice goalkeeper, is available on a Bosman following the expiration of his contract at Portsmouth and recently expressed an interest in joining Celtic.
However, with Craig Gordon expected to miss the first three months of the new season due to injury, Bruce is mulling over an offer for the 39-year-old.
"He's still England's number one goalkeeper. He'd be a good short term signing for us," Bruce told the Daily Mirror.
"But what we have to decide now is to whether make a signing or whether the two young 'keepers that we have are ready for the Premier League.
"The Premier League is a very tough place and we'll have to take some time to think about whether they're ready for that."