The Herald understands Mr Cunliffe will not only miss out on the finance role but he will not occupy a spot on the front bench.
His new position on the middle benches came despite backing Mr Little for the top job after pulling out of the leadership contest himself.
Mr Cunliffe angered some of his caucus by not taking responsibility for Labour's heavy election defeat in September.
He resigned as leader a week after the general election but immediately said he wanted his job back and forced a leadership contest. In mid-October, he went back on that decision and threw his support behind Mr Little.
Mr Little said yesterday he would review his MPs' portfolios after a year.
"We've got three years ... and we want the best going into 2017.
"So I've made the judgment that I've got a year to try some people out, to try some new things, try some new combinations and see how those work."
He wanted his MPs to have at least two years' experience in their roles before the general election.
The Labour leader has indicated that he would use the finance and deputy positions as a bridge to the Grant Robertson camp, given the close leadership outcome.
He said yesterday: "I think you'll see that this reshuffle is about bringing the caucus together as a team."
Mr Little also said he had brought David Parker back into the fold after speculation last week that he could leave Parliament. After coming third in the leadership contest, Mr Parker said he did not want to retain the finance or deputy positions, which prompted questions about whether he would remain as an MP at all.
Mr Little said he had "a very good discussion" with Mr Parker and he was confident that the role he had been given would "meet his expectations".
Cunliffe's ups and downs
Nov 2011: Runs for leader, loses to David Shearer. Ranked 5th and given economic development portfolio.
Nov 2012: Demoted to back benches after showing disloyalty to Shearer, loses all portfolios.
Feb 2013: In a reshuffle, he is given revenue and fisheries portfolios but unranked.
Sept 2013: Elected leader following Shearer's resignation and leadership contest.
Sept 2014: Resigns after election defeat, promises to run again in new leadership contest.
Oct 2014: Pulls out of leadership race.
Nov 2014: Tipped to be demoted to middle benches under new leader Andrew Little.
