This is not allowed. Although there is no specific rule that disallows it, it falls under the "handling of the ball" action and is illegal. FIFA makes this clear in the notes on Law 12: Fouls and Misconduct.
You can find the following text on page 121 of the Laws of the Game:
Handling the ball involves a deliberate act of a player making contact with
the ball with his hand or arm. The referee must take the following into
- the movement of the hand towards the ball (not the ball towards the hand)
- the distance between the opponent and the ball (unexpected ball)
- the position of the hand does not necessarily mean that there is an
- touching the ball with an object held in the hand (clothing, shinguard, etc.) counts as an infringement
- hitting the ball with a thrown object (boot, shinguard, etc.) counts as an
The fourth bullet point (in bold) would preclude a player from stretching out their clothing to catch or touch the ball in some way. A deliberate handling of the ball leads to a restart of play by direct kick for the opposing team. Since it was a deliberate act, the player may receive a yellow card for unsporting behavior.