The regulation of the properties of Desulfovibrio gigas flavodoxin in AOT/water/iso-octane micellar system was studied. UV-visible spectroscopic studies have shown that photoreduction of flavodoxin in the presence of EDTA leads to hydroquinone formation through the intermediate semiquinone. The [free FMN] - [bound to flavodoxin FMN] equilibrium (and hence, the amount of apoprotein) depends on redox state of FMN and on hydration degree which controls the micellar size. Thus, a new method of reversible cofactor removing under mild conditions (at low hydration degree of micelles) is suggested, accompained by isolation of apo-form of the protein.