Sky Sports News has reported that Bruce was as low down as 11th on the list of possible replacements after Rafael Benitez quit in June.
They have also reported that he was not on the original shortlist.
Sam Allardyce said he turned down the chance to return to Newcastle United as the club’s manager earlier this month.
Bruce quickly became the bookmakers’ favourite to take charge of the Premier League side after Benitez’s dramatic exit.
The 58-year-old then resigned from his position as Sheffield Wednesday manager on Monday morning along with assistants Steve Agnew and Stephen Clemence.
However, the deal taking Bruce to St James’ Park was held up while the two clubs arranged compensation.
Bruce was named as Newcastle United manager this morning on a three-year contract.
He said: "I’m delighted and incredibly proud to be appointed as head coach of Newcastle United. This is my boyhood club and it was my dad’s club, so this is a very special moment for me and my family.
“There is a huge challenge ahead of us, but it’s one that my staff and I are ready for. We’ll roll our sleeves up and we’ll be giving it everything from the off to ensure supporters have a successful team that they can be proud of.”
Lee Bullen took charge of Wednesday’s impressive 4-0 friendly win over Northampton Town last night in Bruce’s absence.
Sheffield Wednesday have not yet issued a comment on Bruce’s departure.
Bruce spent just 18 games in charge of Wednesday after joining the Owls back in January this year.
However, the 58-year-old only took up the role in February; having been allowed additional time off following the death of his parents.