The Tigers have failed to reach the play-offs in both of the two seasons following their relegation from the Premier League, but Allam has made it clear that Bruce's target is to mastermind a route back to the top flight.
Allam told the Hull Daily Mail: "We need to be in the Premier League next season.
"We wouldn't have put this level of investment in over the summer if that wasn't our target.
"Steve knows we've brought him in to get us promoted and he fully accepts that."
Allam added: "I don't think there's another Championship manager with his experience and credibility. He must be the most competent manager in the Championship."