A theory of nuclear spin relaxation in isotropic liquids for nuclear spins interacting with electron spins, residing in other molecules (the outer-sphere relaxation), is presented. The approach, valid outside of the Redfield limit for electron spin relaxation, is an extension of the Swedish slow motion theory [Benetis et al., Mol. Phys. 48, 329 (1983); Nilsson and Kowalewski, J. Magn. Reson. 146, 345 (2000)] for inner-sphere relaxation. It is demonstrated that the outer-sphere relaxation rate can be expressed as an integral of a product of a translational diffusion correlation function and a function analogous to the inner-sphere spectral density. A numerical implementation of the theory is described and applied to a large number of realistic parameter sets for S = 7/2 and S = 1, which may correspond to Gd(III) and Ni(II) systems. It is shown that the outer-sphere contribution is relevant and should be included into the analysis of nuclear magnetic relaxation dispersion relaxation profiles, especially for slow relative translational diffusion and fast molecular tumbling.