The Kings made the move Tuesday before Game 3 of their first-round series with the San Jose Sharks.
Fraser has won two Stanley Cup titles, with Chicago in 2010 and Los Angeles in 2012. He has 39 games of NHL playoff experience.
Fraser was sent to the minors two months ago after managing just two assists in 33 games for the Kings. He missed five weeks with a broken hand in the AHL, returning to score six points in 10 games with Manchester.
Los Angeles assigned forward Linden Vey to Manchester on Monday.