Step-by-Step

Step 1: Make your selection using any technique you’d like. (Pen tool, quick selection, select subject, etc.)
Step 2: Select the blue and red pixels of your image using Select>Color Range and the color sampler tool.
Step 3: Invert your selection.
Step 4: Create a Hue/Saturation adjustment layer and desaturate completely.
Step 5: Refine the layer mask using the brush tool by painting in black/white to hide/reveal the layer mask.
Step 6: Add Gradient Map adjustment layer. Adjust settings using a darker Arizona Blue and white. (HEX: #00153a).
Step 7: Copy Hue/Saturation layer mask to Gradient Map adjustment layer.
Step 8: Convert all layers to smart object.
Step 9: Apply Smart Filters (Camera Raw filter, high pass [70 pixels, overlay 70%], high pass [8 pixels, overlay 65%])

Video Example (audio coming soon)