When red blood cells are deoxygenated, hemoglobin, which is then transformed into deoxyhemoglobin or methemoglobin, becomes paramagnetic. The transverse nuclear magnetic relaxation rate of water protons is considerably enhanced by this chemical transformation. A general agreement exists about the origin of the phenomenon--local field inhomogeneities induced by paramagnetic centers randomly distributed within the cell--but the localization of the region that dominates the relaxation is unclear. We addressed this problem with a computer simulation devoted to the determination of transverse magnetic relaxation of water protons in the presence of superparamagnetic MRI contrast agent candidates. The simulation confirms an earlier experimental result that shares equitably the responsibility for the observed relaxation between intracellular and extracellular water.