The dynamics of solvent and rotational relaxation of Coumarin 480 and Coumarin 490 in glycerol containing bis-2-ethyl hexyl sulfosuccinate sodium salt (AOT) reverse micelles have been investigated with steady-state and time-resolved fluorescence spectroscopy. We observed slower solvent relaxation of glycerol confined in the nanocavity of AOT reverse micelles compared to that in pure glycerol. However, the slowing down in the solvation time on going from neat glycerol to glycerol confined reverse micelles is not comparable to that on going from pure water or acetonitrile to water or acetonitrile confined AOT reverse micellar aggregates. While solvent relaxation times were found to decrease with increasing glycerol content in the reverse micellar pool, rotational relaxation times were found to increase with increase in glycerol content.