"We have spoken to Ryan and his representatives about his contract. It's one where we will see what happens," Howe told reporters on Friday.
"There is no doubting Ryan's quality and how highly we think of him. He is an outstanding talent but it is a two-way prospect to sign a contract, so let's wait and see."
Fraser, 25, has been one of Bournemouth's key players this season with six goals and 10 assists in the league.
"Ryan has contributed to the team this season but it's not the time to talk about speculation," Howe added. "Who knows in the summer? It's that time of year when things change and us ourselves will be looking to sign players."
Bournemouth, who are 12th in the league standings, host Burnley later on Saturday.
(Reporting by Rohith Nair in Bengaluru; Editing by Christian Radnedge)
