Mr Duncan Smith and his team are anxious to present a united front and temper any internal dissent after last month's victory over Kenneth Clarke in an ill-tempered leadership battle.
The thinktank is to pursue the modernising social liberalism agenda championed by Mr Portillo who was knocked out before the final run-off and remains a "lost leader" to many Tories.
Mr Duncan Smith met Mr Maude last week and other prominent "Portillistas" behind the project - Archie Norman, Tim Yeo and David Willetts - endorsed the suspension.
Mr Willetts yesterday said discussions were under way to make Mr Duncan Smith president - to avoid, in the words of Mr Yeo, the group appearing as a "bunch of Tory refuseniks" opposed to the leader.