You can change your model method to property and use it in serializer with this approach.
class Foo(models.Model):
. . .
@property
def my_field(self):
return stuff
. . .
class FooSerializer(ModelSerializer):
my_field = serializers.ReadOnlyField(source='my_field')
class Meta:
model = Foo
fields = ('my_field',)
Edit: With recent versions of rest framework (I tried 3.3.3), you don't need to change to property. Model method will just work fine.