Understanding how humans leverage prior knowledge to navigate unseen environments while making exploratory decisions is essential for developing autonomous robots with similar abilities. In this work, we propose ForesightNav, a novel exploration strategy inspired by human imagination and reasoning. Our approach equips robotic agents with the capability to predict contextual information, such as occupancy and semantic details, for unexplored regions. These predictions enable the robot to efficiently select meaningful long-term navigation goals, significantly enhancing exploration in unseen environments. We validate our imagination-based approach using the Structured3D dataset, demonstrating accurate occupancy prediction and superior performance in anticipating unseen scene geometry. Our experiments show that the imagination module improves exploration efficiency in unseen environments, achieving a 100% completion rate for PointNav and an SPL of 67% for ObjectNav on the Structured3D Validation split. These contributions demonstrate the power of imagination-driven reasoning for autonomous systems to enhance generalizable and efficient exploration.