Yes, in theory, it is possible to use albedo modification as a way to influence the orbital parameters of a body through solar pressure. This is the same principle used in solar sails, a propulsion method that relies on radiation pressure from the Sun to propel space probes and even adjust their attitude. The theoretical basis has been known since the late 19th century, the principle was experimentally demonstrated in 1899 by Lebedev and successfully deployed on a spacecraft in 2010 by the IKAROS mission.
It can be applied to asteroids by simply making them more reflective, which will increase the effects of solar pressure. Over enough time, the minute but constant acceleration will add up to significant changes in their trajectory. If the aim is to avoid a planetary impact, it might not even be necessary to coat a specific side of the asteroid.
Here is a Master's Thesis on the related subject of designing a payload that can acomplish said albedo modification. From the abstract:
The development of the Surface Albedo Treatment System (SATS) onboard a
spacecraft mission to the near earth asteroid (NEA) Apophis in 2012 is an innovative concept of deflecting NEAs from possible impact with the Earth through altering the Yarkovsky effect, a non-secular force in the solar system due to uneven surface thermal emission most profoundly affecting small rotating bodies subjected to sunlight. Though this force is small, its magnitude can be dramatic if extended over a period of time and if it uses the close approach of an asteroid near Earth to magnify the perturbation.
The payload dispenses colored powder called albedo changing particles (ACPs)
onto the surface changing its albedo and indirectly the surface temperature which
changes the Yarkovsky effect. This study gives an in-depth description of both
computational and experimental parts of the design of this system with primary focus on
initial ground test setup. The initial experiments proposed to design the SATS is outlined in detail and justified by the mission criterion of interest as well as modeling the actual dispersal on the surface.