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.
For our team, as a group, we've never been this far before, and so it's just more lessons learned, and sometimes you have to go to the school of hard knocks to find out what works and what doesn't. We've got a young group. They've played some unreal hockey here to get us this far, and we showed if we're not going to play the proper way, a really, really good hockey team is going to beat you, and that's what they did. It's a lesson learned.
— Lightning coach Jon Cooper after Rangers win in Game 6 forced a Game 7 that will be played at Madison Square Garden on Friday