Basque separatist group ETA was blamed for the explosion outside the Peineta stadium - a proposed Olympic venue.
Ruiz-Gallardon, leader of the bid, told Spanish daily El Pais the International Olympic Committee would not be swayed.
"No decision of the IOC, of the United Nations or of the European Union can be influenced by terrorist acts," he said.
The stadium is scheduled to host the opening and closing ceremonies and athletics events if Madrid wins the Olympics.
Minor damage was caused to the structure, but there were no injuries.
Ruiz-Gallardon said the city had security arrangements to guarantee the Games would be safe.
Wednesday’s car bomb outside Madrid’s main convention centre could dent the city’s hopes of hosting the 2012 Olympic Games.
Back in February, just days after the International Olympic Committee (IOC) evaluation commission ended its inspection, a car bomb injured 39 people following a warning from ETA.
For a fascinating insight into the Olympic Movement read Michael Payne's new book, 'Olympic Turnaround', about his time at the International Olympic Committee. Visit http://www.sportbusiness.com/reports/olympic_turnaround.adp
