The 'Changingman' singer, who made his name in The Jam in the 1970s and 1980s, got back together with Bruce after both men had bereavements.
Paul told NME.com: "It came about because we had both lost loved ones last year.
"He lost his wife at the early part of the year and I lost my dad, and it opened up a bit of a dialogue, and it seemed like a nice thing to do at the time. In fact it was a wonderful thing."
Bruce will play the bass on two songs on Paul's upcoming 10th solo studio album 'Wake Up The Nation', which will be released this year.
A collaboration with My Bloody Valentine's Kevin Shields is also featured on the album.
Last year, Paul revealed he would like to work with both Noel and Liam Gallagher, despite their own personal difficulties.
He said: "I'd definitely be up for collaborating with Liam and with Noel. I love them both equally, and think they're both extremely talented in their own ways."