It now appears that Blues just have to conclude personal terms with Pennant and his advisors to turn his loan spell at St Andrew's into a permanent deal.
"Its been well documented that we've tried our utmost to make the deal possible and that has now been done," Bruce told Sky Sports News.
"The next part now is to hold talks with his representatives next week and we hope we can conclude a deal very quickly.
"He's made noises since he's come to us that he's enjoyed it and he's played very, very well.
"It's a change of scenery, a change of environement and most importantly he's playing - which to any footballer is the most important thing."
The 22-year-old winger is two games back into his loan spell at Blues after being released on parole having served 30 days in prison for a drink-driving offence.
Part of that parole stipulated that Pennant wear an electronic tag for two weeks. That has now passed and he will play his first game since his release, against Portsmouth this weekend, without the tag strapped to his ankle.