Imagine That is about high-achieving financial executive Evan Danielson (Eddie Murphy), who is an expert in his field. There is a rumour that the manager of Evan’s financial division is leaving. Evan feels he has a good chance of getting the job. His main competition is Johnny Whitefeather (Thomas Haden Church), a new employee. Up to now, Johnny has been very successful, although he works in unusual ways.

Evan is divorced with a young daughter, Olivia (Yara Shahidi). She is having some problems at school and will not go anywhere without her security blanket (her ‘googaa’). During a presentation to a major client, where he is competing with Johnny, Evan gets a call from the school to pick up his daughter. He ends up taking Olivia to work – with surprising results. Initially, he makes a complete fool of himself at the client meeting. Olivia has drawn all over his report. When it is Evan’s turn to present, he uses Olivia’s drawings. He says silly things about the drawings, and he expects to lose his job as a result. Instead, his boss tells Evan that, although slightly childish, his analysis is very accurate.

Evan looks at Olivia in a new light. She seems to have an unnerving ability to pick good stocks and has a knack of knowing what will happen next. When he asks her how she does this, she says that ‘the princess’ is telling her. Olivia meets the princess and other friends by using her blanket. Evan and Olivia start talking to her imaginary friends together. This leads to a bond between father and daughter and, eventually, the confidence that Evan needs to do his job again.