Yes there are certain thumb rules for certain classes of alloys. In case of steels the thumb rule for annaealing/ hardening would be 1 hr/ inch. For temperiing it would be 2 Hr/Inch.
For HSLA steels it would be double i.e 4 min/ mm for hardening and 8 min/mm for tempering.
There are certain thumb rules as given by a researcher in the answer. You can find the required information about the required time in the books and handbooks on heattreatment of metallic materials.
I think there would be no such formula in principle, because there is a lot of possible types of heat treatment. Even inside one type of operation the time required may vary significantly. But if you mean some sertain kind of heat treatment there are of course some ways to calculate the time needed. For example those proposed by Anil Kumar V.
These empirical soaking time and heating/cooling cycle are determined based on TTT and CCT curves for corresponding alloys and desired phase at the end of heat treatment cycle. Using thumb rules as stated above is lot easier.
dear Anil Kumar V is there any reference for these rules or its from experimental work,because we made these rules already but we don't have any reference.