Fraser, 25, was set to become a restricted free agent July 1; his rights now belong to Edmonton. He earned $700,000 this past season.
He was acquired by the Blackhawks in February 2004 from the Philadelphia Flyers and played in the AHL for several seasons before joining the Blackhawks for the past two.
Fraser had 13 goals and 36 points in two years. This move comes on the heels of the Blackhawks moving three players to the Atlanta Thrashers in an anticipated cost-cutting measure that included playoff hero Dustin Byfuglien.
Sources indicated the Calgary Flames also were interested in Fraser.
The Blackhawks now have 11 selections in the draft, including five in the first two rounds (24, 30, 43, 54 and 60).
Jesse Rogers covers the Chicago Blackhawks for ESPNChicago.com. Information from ESPN.com's Pierre LeBrun was used in this report.