The 19-year old midfielder has penned a one-year extension on his existing deal which will see him remain at Firhill until the summer 2017.
Former Bolton starlet Fraser, who made 19 appearances for the Jags last season, was thrilled to commit himself to the club as he continues to develop his game in Glasgow.
"Even the way I prepare for games and the way I go about things, I feel as if I have matured a lot," he told the club's official website.
"I think there's a lot more to come from me. I have still to reach the way I know I can play and I want to add more goals and make myself better each game."
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