PS: Fill in selection with surrounding pixels

In Photoshop CS6, How do I fill in a selection based on the surrounding pixels

What I'm looking for is something like Logoaway from video editing software, which discards pixels inside a selection, looks at the pixels directly outside, and interpolates those so the area inside the selection looks smooth.

What I'm NOT looking for is the Content-Aware fill, because that fills the selection with parts found from all over the image.

If it matters, my selection is not rectangular nor connected, but it is binary (no transparently selected pixels).