In general, the process and total amount of time that it will take to transfer the site should be the same as if you were moving the site between two physical servers. For example, if it's an ASP.NET application, it could take as little as a few minutes. As long as you have the network options configured properly, there shouldn't be any specific considerations for moving the site.
If, on the other hand, you're planning to create a new VM, you'll need to factor in the amount of time it takes to install the OS along with updates. Again, the amount of time should be similar to that of preparing a new physical machine. Finally, you could "convert" the current production server to a virtual one. There are several vendors that provide tools to help with this (just search for "Physical to Virtual (P2V)" conversion utilities). In that case, the process could be done in a matter of hours and without a lot of hand-holding. Regardless of the method you choose, be sure you thoroughly check the site to make sure that everything's working properly.
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