The general formalism of homogeneous nucleation theory is applied to study the hadronization pattern of the ultra-relativistic quark-gluon plasma (QGP) undergoing a first order phase transition. A coalescence model is proposed to describe the evolution dynamics of hadronic clusters produced in the nucle- ation process. The size distribution of the nucleated clusters is important for the description of the plasma conversion. The model is most sensitive to the initial conditions of the QGP thermalization, time evolution of the energy den- sity, and the interfacial energy of the plasma hadronic matter interface. The rapidly expanding QGP is first supercooled by about T = T Tc = 4 6%. Then it reheats again up to the critical temperature Tc. Finally it breaks up into hadronic clusters and small droplets of plasma. This fast dynamics occurs within the first 5 10 fm/c. The finite size e ects and fluctuations near the critical temperature are studied. It is shown that a drop of longitudinally expanding QGP of the transverse radius below 4.5 fm can display a long-lived metastability. However, both in the rapid and in the delayed hadronization scenario, the bulk pion yield is emitted by sources as large as 3 4.5 fm. This may be detected experimentally both by a HBT interferometry signal and by the analysis of the rapidity distributions of particles in narrow pT -intervals at small |pT | on an event-by-event basis. PACS numbers: 12.38.Mh, 24.10.Pa, 25.75.-q, 64.60.Q