Fluorescence spectroscopy is used to study the preferential solvation of the polymer and the mobility of the fluorophore in the highly diluted ternary system polystyrene/ethyl l-naphthoate/cyclohexane under theta-conditions. The ratio of the excimer to monomer fluorescence intensity Zac/Zmoo of the fluorophore is correlated with the concentration and the mobility of the fluorophore in the two phases, inside and outside the polymer coil; the limits of this model are discussed in detail. In the selected system preferential solvation increases the Z, / Z, , , ratio whereas the reduced mobility of the fluorophore inside the coil acts in the opposite manner. The model allows to calculate the distribution coefficient K for the distribution of the fluorophore between the two phases and the ratio q of the mobilities for the fluorophore in the two phases. The values of K obtained indicate a strong preferential solvation of polystyrene by the ethyl 1-naphthoate fluorophore. The mobility ratio q depends on the molar mass of the polymer in such a way that it reflects segmental density.