Yes my friend, you can replace your drive with a standard off-the-shelf 3.5-inch SATA Hard Disk Drive or even a 2.5-inch SATA SSD of any brand.
It definitely requires some care, but there are lots of greats videos and such how to do it. As mentioned above, OWC is the best source for this:
https://eshop.macsales.com/shop/imacdiy/
The main thing is that in addition to a replacement HDD you would need to buy a separate thermal sensor so the iMac's SMC can still get a temperature reading off the drive otherwise the iMac will think it's overheating and run the fan at constant high-speed (not good). You can buy a kit with the sensor and all the tools you need for $50 at that link.
If you want the most space you can get (for doing things like video editing) a 3.5-inch HDD is the way to go. If you want just some larger space but much faster performance a 2.5-inch SSD is the way to go. You'll just need to pick up a $10 2.5-inch to 3.5-inch bracket to be able to securely mount the smaller form factor 2.5-inch drive in place of the larger form factor 3.5-inch drive.