A theoretical model for the dynamic surface tension of an air bubble expanding in micellar surfactant solution is proposed. The model accounts for the effect of expansion of the bubble surface during the adsorption of surfactant molecules (monomers) and the effect of disintegration of polydisperse micelles on the surfactant diffusion. Assuming small deviations from equilibrium and constant rate of expansion analytical expression for the surface tension and the subsurface concentration of monomers as a function of time is derived. The characteristic time of micellization is computed from the experimental data for two surfactants (sodium dodecyl sulfate and nonylphenol polyglycol ether) obtained by the maximum bubble pressure method