T.H.
If you're handy with a needle and thread, you could maybe try and detach the sleeves, cut off the part that is stretched out, and resew it to make a 3/4 length sleeve. Other than that I don't really think so. Maybe you could cut off the sleeves entirely and make it a tank sleeve.
If money is an issue you may ask the gym. Sometimes when girls grow out of theirs people will resell them at a lower cost at the desk.