We present a new model for describing the diffusion-weighted (DW) proton nuclear magnetic resonance signal obtained from normal grey matter. Our model is analytical and, in some respects, is an extension of earlier model schemes. We model tissue as composed of three separate compartments with individual properties of diffusion and transverse relaxation. Our study assumes slow exchange between compartments. We attempt to take cell morphology into account, along with its effect on water diffusion in tissues. Using this model, we simulate diffusion-sensitive MR signals and compare model output to experimental data from human grey matter. In doing this comparison, we perform a global search for good fits in the parameter space of the model. The characteristic nonmonoexponential behavior of the signal as a function of experimental b value is reproduced quite well, along with established values for tissue-specific parameters such as volume fraction, tortuosity and apparent diffusion coefficient. We believe that the presented approach to modeling diffusion in grey matter adds new aspects to the treatment of a longstanding problem.