High molybdenum high strength stainless steels can contain the so-called Chi phase (Fe36Cr12Mo10). The presence of this phase, which normally occurs at grain boundaries, depletes the chromium content leading to intergranular corrosion. This may cause alloy embrittlement during long term use. The presence of such phase has proven to be highly sensitive to alloy processing parameters such as the cooling rate after a final heat treatment. The present work provides a model to quantify the effects of processing parameters aimed at controlling the Chi phase. The model is based on nucleation and growth classical theories involving capillarity effects for the early stages; it is applied to a range of heat treatment conditions and compared to experimental results.