Modern and future nanoelectronic and nanophotonic applications require precise control of the size, shape and density of III-V quantum dots in order to predefine the characteristics of devices based on them. In this paper, we propose a new approach to control the size of nanostructures formed by droplet epitaxy. We reveal that it is possible to reduce the droplet volume independently of the growth temperature and deposition amount by exposing droplets to ultra-low group-V flux. We carry out a thorough study of the effect of arsenic pressure on the droplet characteristics and demonstrate that indium droplets with a large initial size (>100 nm) and a low surface density (<108 cm−2) are able to shrink to dimensions appropriate for quantum dot applications. Small droplets are found to be unstable and difficult to control, while larger droplets are more resistive to arsenic flux and can be reduced to stable, small-sized nanostructures (~30 nm). We demonstrate the growth conditions under which droplets transform into dots, ring and holes and describe a mechanism of this transformation depending on the ultra-low arsenic flux. Thus, we observe phenomena which significantly expand the capabilities of droplet epitaxy.