The 60-year-old celebrated his 1000th game in management against Tottenham on Sunday, although the 3-2 defeat to Nuno Espirito Santo's men left the Mapgies winless and still inside the relegation-zone.
Sections of the home fans sung 'you're getting sacked in the morning' to Bruce, but Waugh doesn't think that the Spurs game was necessarily be his last.
What's the latest with Bruce?
Newcastle's start to the season has been woeful, the style of football hasn't been much better, and the longer Bruce remains in charge, the worse things might get.
After the takeover was confirmed just under two weeks ago, it appeared likely that Bruce would get sacked immediately and Newcastle would bring in a more high-profile name to match their owners' ambitions.
But with the Tottenham game being a significant milestone in Bruce's managerial career and the hierarchy seemingly unable to find a replacement, it was revealed last week that the former Birmingham and Wigan boss would be the man in charge for the start of the new era.
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However, despite Callum Wilson's second-minute strike, it was a familiar story for Newcastle, who conceded three times in the first-half, meaning Eric Dier's late own goal was little more than a consolation.
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Despite a fifth defeat of the Premier League season, whilst Waugh recognises that Bruce won't be in charge long-term, he didn't rule out him still being in the job next weekend.
What did Waugh say?
He told GIVEMESPORT: "I do think it is a matter of when and not if. But will he be in charge at Crystal Palace the following weekend, I don't know at this stage, but I don't think he's going to be there for that many more matches."
Will Bruce be in charge against Crystal Palace?
Newcastle will obviously have some huge managerial targets, but for now, it's about trying to move away from the relegation-zone, and the longer they keep Bruce, the less chance there is of that happening right now.
There was a massive buzz around St James' Park on Sunday, but that soon turned sour following the team's collapse and as long as Bruce remains in charge, that cloud of negativity will continue to be there.News Now - Sport News