A stochastic model for migration-assisted fluorescence quenching in monodisperse micellar systems is extended to account for the micelle limited solubilization capability. An exact solution to the stochastic master equation for the excited probe survival probability including one-particle migration of both probes and quenchers between micelles during the excitation lifetime is derived for two-component quenching and concentration self-quenching using the generating function technique. One of the basic assumptions accepted in the model is that the equilibrium distribution of solubilizates among micelles obeys binomial statistics. The validity of this assumption is discussed using the formalism of classical statistical mechanics.