The gas exchange ratio (R) obtained from O2 and CO2 concentrations measured in rebreathing air usually shows a linear relation to the PCO2. By referring to this relation and the R which equals the Haldane effect coefficient and zero, the true- and oxygenated-venous PCO2 are obtained in addition to the alveolar PCO2. When these PCO2 are evaluated, the R-PCO2 line can also be computed theoretically from a numerical solution on the overall O2 and CO2 diffusions in the red blood cell. By comparing both the experimental and theoretical R-PCO2 lines with each other, we derived a contact time equation. Since the linear approximation of the R-PCO2 relation gave rise to an error in the contact time (tc), first a factor to correct the linearity of the R-PCO2 line was derived. Next, using these parameter values, tc was quantitatively determined from experimental data obtained during rebreathing in 5 normal subjects and it was compared with that estimated from the pulmonary diffusing capacity for CO in the same rebreathing experiment. When the extracellular HCO3- dehydration rate was taken to be 0.1 s in time constant, the tc, being ca. 0.7 and 0.4 s at rest and during exercise, respectively, showed good agreement with those obtained from the diffusing capacity for CO.