This may be a very basic and common question (also discussed a lot), but strikingly enough I couldn't find the answer in the books or elsewhere.
The projective measurement is given by the PVM on the space $H$: $$\sum P_i = I,$$ where $P_i$ are mutually orthogonal projections. The post-measurement state of a density matrix $\rho$ is $$P_i \rho P_i ~/~ \text{Tr}(P_i \rho P_i),$$ with the probability $\text{Tr}(P_i \rho P_i)=\text{Tr}(\rho P_i)$.
The general measurement is given by the set of operators $M_i$ that corresponds to the POVM on $H$: $$\sum M_i^\dagger M_i = I.$$
The post-measurement state of a density matrix $\rho$ is $$M_i \rho M_i^\dagger ~/~ \text{Tr}(M_i \rho M_i^\dagger),$$ with the probability $\text{Tr}(M_i \rho M_i^\dagger) = \text{Tr}(\rho M_i^\dagger M_i)$.
Note that POVM itself doesn't describe the post-measurement state, because $M_i^\prime = UM_i$ for some unitary $U$ gives the same POVM but different post-measurement results (I mean states, though the probability will be the same).
It's known that, roughly speaking, general measurements correspond to projective measurements on a larger space. But the best exact statement I could find is that general measurement corresponds to an indirect projective measurement! The indirect measurement is when we add some ancilla state to a target system, perform a unitary evolution of a joint state followed by a projective measurement on that ancilla space and finally trace out the ancilla system.
So, the question is $-$ what if we perform PVM on the whole joint system, not just on the ancilla? Will the post-measurement results correspond to some general measurement?
Formally, let $H$ is the target system, $H_a$ - ancilla space with some fixed density matrix $\rho_0$ on it, $U$ is a unitary on $H \otimes H_a$ and $\sum P_i = I$ is a PVM on the whole $H \otimes H_a$. The post-measurements states of this scheme are $$ \text{Tr}_a ( P_i U \cdot \rho \otimes \rho_0 \cdot U^\dagger P_i) ~/~ n_i,$$ with the probability $n_i$ where $n_i$ is just the trace of the numerator. The question is $-$ are there operators $M_i$ such that those post-measurement states equal to $$M_i \rho M_i^\dagger ~/~ \text{Tr}(\rho M_i^\dagger M_i) ?$$
I know how to prove that there exists a unique corresponding POVM $\sum F_i=I$ on $H$ that can be used to compute probabilities, i.e. $n_i = \text{Tr}(\rho F_i)$, but it's not clear how to derive the exact $M_i$ or even prove that they exist.
Update
Also, we can consider a related quantum channel
$$ \Phi(\rho) = \sum_i \text{Tr}_a ( P_i U \cdot \rho \otimes \rho_0 \cdot U^\dagger P_i) $$ and derive Kraus decomposition
$$
\Phi(\rho) = \sum_j K_j \rho K_j^\dagger,
$$
but it still doesn't answer the question. It's not even clear if Kraus decomposition has the same number of summands.