You can sure try. Give it lots of TLC while it is in the water and when you lift any part of it out of the water give it a lot of support and don't let it hang and stretch. Take it out carefully, squeezing and supporting, then roll it in a towel. Now lay it out and try to scrunch it up and encourage it to get smaller. I don't think you are likely to make it any worse, although it might not help either. Good luck.