I just did this on Halloween night to reshape an old felt hat into a Buster Keaton porkpie hat.
I went to the hardware store and bought a can of Minwax Clear Satin Polyurethane. It's an aerosol spray-on poly that dries to a matte finish.
Just put the hat into the shape you want and spray the polyurethane right on in a couple light coats. The felt will be damp/wet and you can further shape the hat for 30 minutes or so before it starts to harden. Once it hardens, it's very stiff. And then you CAN'T reshape it, so be careful.
I did this to a top hat over ten years ago and even after the polyurethane dried up and flaked off over the years, the hat has retained it's shape to this day.
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