I initially agreed 100% with Nathan, basically, there is no spot reduction approach and you will need to focus on diet and exercise to solve the issue. However I did come across another potential solution: gynecomastia (wikipedia: http://en.wikipedia.org/wiki/Gynecomastia).

In either case, I would recommend visiting a Dr. to have the symptoms reviewed and to ensure your in good enough condition otherwise to begin an intense exercise program.

I initially agreed 100% with Nathan, basically, there is no spot reduction approach and you will need to focus on diet and exercise to solve the issue. However I did come across another potential solution: Gynecomastia.

Gynecomastia […] is the abnormal development of large mammary glands in males resulting in breast enlargement.

In either case, I would recommend visiting a Dr. to have the symptoms reviewed and to ensure your in good enough condition otherwise to begin an intense exercise program.