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.
It is really special. I had a lot of friends and family here tonight, and for my first [NHL] game in here it was great. I played here as an elementary-school player in the city championships and this was my first time back. It was a lot of fun.
— Toronto native Brandon Pirri after scoring 2 goals for Panthers in win at Maple Leafs on Thursday