Equations were derived for calculating the quasi-steady-state connective evaporation of a rising volatile drop in an immiscible liquid with bubble nucleation inside the drop. The solution of the energy equation was based on a potential flow model and concentric spheres configuration. The heat transfer rate was obtained in terms of superheat, degree of nonequilibrium, instantaneous diameters of the bubble and the drop, properties of the dispersed and continuous phase and the Peclet number. The solution compared well with available experimental results and other theories.