Based on a critical analysis of the existing model for the effect of excess vacancies and interstitials on the nucleation of coherent particles under irradiation, a new nucleation model is developed that uses the Brailsford-Bullough model for the steady state occupation probabilities of vacancies and interstitials at the particle interface, recently refined by the author. It is shown that, depending on the surface tension γ of a coherent particle, the nucleation mechanism can be qualitatively different. In the case of a relatively small γ, an instability can arise in the irradiated solid solution leading to the barrier-free nucleation of coherent precipitates. In the opposite case of a relatively large γ, the classical one-dimensional theory of homogeneous nucleation is applicable. In order to eliminate the uncertainty in the magnitude of surface tension (from the literature) and to better understand the underlying mechanisms of coherent particle nucleation in irradiation tests, additional atomistic studies are recommended.