Teenage winger Fraser is on the brink of a move to Bournemouth after a fee was agreed and Pawlett could be recalled to Pittodrie as a replacement.
St Johnstone boss Steve Lomas hopes this is not the case but admits his club will have to 'wait and see'.
Lomas said in the Daily Record: "Aberdeen have accepted a bid for Fraser so we will have to see what happens, as it could impact on Peter's situation.
"If their lad goes south, that may change things. We want to keep Peter but it is a case of wait and see."