Back in February Prime Minister Peter O'Neill said he "temporarily" took over the finance portfolio due to failures with landowner payments under the PNG LNG project and cost overruns at the Ministry of Finance.
Polye has not won back this post after the midyear election.
James Marape from the O'Neill-led People's National Congress party was appointed as the new finance minister last week.
Sources close to the Triumph Heritage Empowerment party leader revealed Polye was fuming that O'Neill had "lied" to him over the treasury and finance portfolios.
"He had to forego the deputy prime minister's post for the finance and treasury portfolio," a senior THE party source told the Post-Courier.
"What can he do as treasurer?"
O'Neill reportedly said the treasury and finance portfolios were separated to ensure government programs were effectively delivered.
"We are going to streamline the Planning Department and amalgamate it within the finance and treasury departments," O'Neill reportedly said.
"This is the most corrupt department right now and we want to address this.
"This is to ensure that funds earmarked for projects and programs go directly to the line departments."
The PNC won 27 of the 111 parliament seats while Polye's THE party won 12.
Marape was a member of the National Alliance party before he defected to PNC last year.