The present paper investigates the propagation of time harmonic circumferential waves in a two-dimensional hollow poroelastic cylinder with an inner shaft (shaft-bearing assembly). The hollow poroelastic cylinder and inner shaft are assumed to be infinite in axial direction. The outer surface of the cylinder is stress free and at the interface, between the inner shaft and the outer cylinder, it is assumed to be free sliding and the interfacial shear stresses are zero, also the normal stress and radial displacements are continuous. The frequency equation of guided circumferential waves for a permeable and an impermeable surface is obtained. When the angular wave number vanish the frequency equation of guided circumferential waves for a permeable and an impermeable surface degenerates and the dilatational and shear waves are uncoupled. Shear waves are independent of the nature of surface. The frequency equation of a permeable and an impermeable surface for bore-piston assembly is obtained as a particular case of the model under consideration when the outer radius of the hollow poroelastic cylinder tends to infinity. Results of previous studies are obtained as a particular case of the present study. Nondimensional frequency as a function of wave number is presented graphically for two types of models and discussed. Numerical results show that, in general, the first modes are linear for permeable and impermeable surfaces and the frequency of a permeable surface is more than that of an impermeable surface.