Yes, I personally would recommend two things:
There are many boring finger dexterity exercises out there, and though it may be tempting to just focus on your pinky, you would need to work all of the fingers; working to make all of them independent.
There is an old stretching trick a lot of instrumentalists use for different reasons. You simply place your wrist in between the fingers you want to stretch. At first, place your wrist sideways so you don't pull a muscle. Over time, feel free to turn your wrist so it spreads your fingers wider. I have known some to even wrap their wrist to make it even wider.
If you stretch every day and are diligent with dexterity (independence) exercises, your flexibility and finger strength will improve and you will be able to perform the chord.
For the time being, though I don't know the context, you could capo III. Again, it may not be a practical solution.