Cousins has been strongly linked with the Saints as he comes to the end of a 12-month ban for bringing the game into disrepute, but new Lions coach Michael Voss has said he would not rule out drafting the 2005 Brownlow medallist.
The AFL Commission will meet on Tuesday to decide if Cousins' deregistration will be revoked, allowing him to nominate for the NAB AFL Draft or pre-season draft.
Fraser said the Saints would not try to outdo the Lions in any battle for Cousins' services.
"Not really. We've said all along we'll go through the process. The board has given us the green light to continue the due diligence process," he said.
"We're not at a point of making the decision on that yet and at the end of the day Brisbane has picks before us in every draft because they finished below us," he said.
"We'll just keep doing the work and due diligence and the board and executive will make a decision on what's best for the club and Ben."
Fraser said he had met with Cousins and was convinced he would do whatever he could to resume his AFL career.
"He's committed to playing football. I think he understands that one more hiccup and it will be all over. It's a big part of Ben's rehab; he wants to play football and he will do everything possible to do that."
The Saints boss stressed that the club had not yet made a final decision on whether to take Cousins in the draft but was encouraged by newspaper claims that his latest urine test came up drug-free.
"We've still got a fair amount of things to go through in terms of our due diligence process.
"The outcome of the tests is important and we will take that as one of the points and look after it to see what is the next step.
"Once we come to a decision we won't mess around."
Fraser said while he had been in contact with the former West Coast captain he was not in a position to comment on his state of mind.
"I haven't met him enough to say if he's in a positive state of mind or a negative state, but I certainly know he wants to play football at the highest level again.
"He feels it is an important part of his rehabilitation," Fraser said.
