I have an example of this I created... hopefully it will end up as tutorial on my blog at some point.
The technique I used was as follows:
1.Start with a poly cube scaled to bound the object, setting the subdivisions to create uniform sized polys, then do poly smooth.
2.Make this object nCloth and the object a passive collide object.
3.Make the pressure negative on the nCloth and keyframe "restLengthScale" going down from 1 to about 0.5. You may also want the stretch resistance to be fairly low.
You could potentially use the volume conserving pressure method with a negative pump rate, but simply making the pressure negative gives you control over the suction pressure.
At any rate that is basically it... key restLengthScale downward to simulate the shrinking with heat and use negative pressure to simulate the suction. You may need to increase the substeps if you have collision issues.
Duncan