from the naked eye, theres no gyno there my man...
honestly, the aesthetic appearance of that nipple-area that concerns you can be significantly altered by losing some bf or simply by focusing on certain areas of the pec...
for instance, if you feel the lower portion of your chest is too "flabby" or soft which concerns you, pack some muscle under that area by doing more decline movements to provide a more "firm" appearance
but honestly, at 5'8 160, i dont see bf being too much of a concern...anyhow,it doesnt look like gyno and i would not be worried...have you recently come off of a cycle that would warrent this concern?