Exaggerator has beaten Kentucky Derby winner Nyquist in the Preakness Stakes to end any chance of back-to-back Triple Crowns.

Seizing the lead at the top of the stretch, Exaggerator splashed past a tiring Nyquist and went on for a 3-1/2-length victory over Cherry Wine on a rain-drenched Pimlico track on Saturday (Sunday AEST).

The previously unbeaten Nyquist tried to rally after sharing the lead to the home turn but finished third in the second leg of the Triple Crown won last year by American Pharoah.

Exaggerator's elusive victory over his nemesis came after four tough losses, including his runner-up finish to Nyquist in the Kentucky Derby.

Nyquist was sent off the 3-5 favourite in the 11-horse field, and duelled with Uncle Lino for the lead through the first mile of the 1-3/16th mile (1900) second leg of the Triple Crown.

But it was all Exaggerator.

The three-year-old colt kept gaining ground along the rail. Jockey Kent Desormeaux saw an opening around the final turn, angled outside and Exaggerator took over.

Trained by Kent's younger brother, Keith, Exaggerator showed his talent in the sloppy conditions once again having won the Santa Anita Derby on a wet track.

It was the first Preakness winner for the trainer who began his career in Maryland, and the third for the Hall of Fame rider.

The crowd was estimated at a record 134,000.