A stochastic model for fluorescence quenching in monodisperse micellar solution with exchange of probes and quenchers via a one-particle mechanism during the excitation lifetime is addressed and extended to account for the probe solubility in the bulk phase. An exact solution to the fluorescence decay kinetics is derived. The general solution reduces to that obtained previously for a completely solubilized probe. In the case of an immobile probe, the overall decay consists of the sum of two independent decays corresponding to monoexponential homogeneous quenching in the bulk phase and Infelta-Tachiya quenching within the micelles, weighted with the interphase partition coefficients. The general expression for the relative fluorescence quantum yield is also derived.