Jags boss Alan Archibald last week agreed fresh terms with Fraser's midfield partner Stuart Bannigan as he committed his future to the club until the end of next season.
And SportTimes understands Fraser is next in line to be rewarded with a new contract after a superb debut campaign with the Premiership side.
The former Hamilton Accies youngster almost signed for Thistle last summer, but turned down Archibald's side to join English Championship outfit Bolton before immediately returning north of the border on loan.
That deal was made permanent in January when Fraser reached an agreement to cancel his contract at the Reebok Stadium and pen a two-year contract with Thistle.
Fraser was an integral part of the Jags side that finished the season in style by maintaining their Premiership status, with his stunning goal in the 4-2 win over Hearts the highlight of his Firhill career so far.
He is now set to be rewarded with a new deal that will keep him at the club until the end of the 2016/17 campaign.
Boss Archibald has wasted little time in starting his preparations for the new campaign, with defender Lee Mair told he won't be handed another contract.
Offers are on the table to keepers Paul Gallacher and Ryan Scully and forwards Steven Lawless and Christie Elliott as well as a host of Scott McKenzie's under-20s.