Despite a transfer embargo on the third division outfit, Rangers can register players in January who will then be available when the sanction is lifted next September.
Fraser, who has featured just 21 times for the Dons, has made a huge impact since forcing himself into Craig Brown's first team at Pittodrie.
However, Brown is adamant no interest has been shown in the 18-year-old from Rangers, and McCoist is keen to link himself to those sentiments.
Speaking on the club's official website he said: "There's nothing in it. Craig hit the nail on the head when he said he'd expect me to pick the phone up and call him if there was any interest from Rangers.
"I always believe that's the best way to business and he is absolutely spot on. If we had any interest - or if we do - Craig will be the first person I call.
"At the moment we are discussing the possibility of signing players whose contracts are up at the end of the season with a view to signing and registering them on September 1.
"I believe that can be done and we are looking at players but our biggest problem there is not being able to tell them what league we are going to be in next year."
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