An ultracompact optical imaging system allowing various magnifications or demagnifications and based on microlenslet arrays is presented for the first time to our knowledge. This research generalizes recent findings regarding microlenslet-array-based 1:1 relay systems [Appl. Opt. 42, 6838 (2003)]. Through optical ray tracing, the feasibility of magnifying gray-scale images through a stack of two dissimilar microlenslet arrays is demonstrated for the first time to our knowledge. Results presented specifically demonstrate that a compact imaging system operating at a magnification of 2 is feasible with an overall length of approximately 9 mm. Optical aberrations of the most basic configuration are evaluated, and optimization is discussed.