The effect of preferential solvation on the exciplex luminescence detected magnetic field effect has been studied using magnetic-field-effect-on-reaction-yield (MARY) spectroscopy. By designing solvent mixtures which can provide a micro-environment around the magneto-sensitive radical ion pair (RIP) from highly heterogeneous to quasi-homogenous, the effect of the polarity scan on an absolute magnetic field effect (χ(E)) and B(1/2) (the field value marking half saturation) has been studied on the system 9,10-dimethylanthracene (fluorophore)/N,N'-dimethylaniline (quencher). While the trend in χ(E) (although with subtle differences) follows the usual norm of passing through maxima with increasing polarity, the B(1/2) values show either a large monotonic decrease (for heterogeneous solvents) or remain constant (for quasi-homogenous systems) with increasing polarity. The observations have been interpreted invoking the concept of amplification of the "cage-effect" as a result of preferential solvation in binary solvents and its influence on the decaying exciplex. The use of ternary solvents further confirms the proposed mechanism. Additionally electron hopping from the radical ion pair to the surrounding neutral donor molecules could also possibly contribute to the observed trend.