Spherize
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Menu -> Image -> Spherize

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Gives objects a 3D effect by wrapping a selection around a spherical
shape, distorting the image and stretching it to fit the value of
the radius.
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Radius
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You will have to set the radius in pixels to determine the sphere
size.
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Fast Preview
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The Fast Preview check box makes the fast transformations render for
which are viewed straight away.
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Zoom In, Zoom Out and Scale 1:1

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Click Zoom In button to increase the zoom factor.
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Click Zoom Out button to decrease the zoom factor.
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Click "Scale 1:1" button to set the scale to 100 %.
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How to deform an image
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With
the Spherize tool -