Maccarone was thought to have rejected Blues' offer because he preferred to stay in the Italian Serie A.
But Bruce told the Birmingham Evening Mail: "We discussed a fee and it was made clear to me that the player wanted time to think about it.
"I wouldn't say it's necessarily dead, I wouldn't say it's necessarily alive, but it's fair to say we've not given up.
"For somebody so young to get called up for the full Italy side as a Serie B player, of course he has exceptional talent.
"A lot of other clubs want him and there's plenty of water to go under the bridge yet. Let's see what develops."