The Scot has impressed for Eddie Howe's side this season, scoring eight times and providing 12 assists.
Fraser is out of contract next summer and Bournemouth could look to sell in order to avoid losing their star for free.
The Cherries will look to do business if they receive a bid of around £15m.
And if they do sell, the domino effect could have a negative impact on promotion-chasing Leeds.
The Yorkshire giants still harbour an interest in Swansea's Dan James - but the winger is Bournemouth's ideal replacement.