This can be done here are 4 approaches that work. No apprach is simple to do but its possible. I will describe the conceptually easiest option.
Option1: Using polar coordinates
- Use the offset filter to move your circle center exactly to the middle of your document.
- Apply polar coordinates.
- Select the region that is now a strip in your image and scale it down.
- Apply inverse polar
- Inverse the offset
Source : Link , Question Author : Eric Hz , Answer Author : joojaa