A fee was agreed between the two clubs for the promising 18-year-old defender but the player is believed to have decided against a move south of the border.
Hamilton boss Billy Reid has admitted he was surprised by Fraser's change of heart, as he felt a deal was on the verge of completion for the talented teenager.
He was quoted in the Daily Record as saying: "I was really shocked to be honest.
"As far as I was aware the move was pretty much done and dusted. The clubs had agreed a fee and we'd moved on.
"I wasn't privy to the discussions about the fee involved but I was pretty certain he'd be away. But Gary decided he didn't feel the move was right for him."