Burns, 33, has missed the past two games with the corked calf he picked up in the Magpies' round 21 win over the Sydney Swans.
Speaking after the Pies' spirited 31-point elimination final triumph over Adelaide at AAMI Stadium, Fraser said he considered Burns "over a 50 per cent chance" of being available for the semi-final against the loser of Sunday's Geelong-St Kilda clash.
"Again, you need to train this week and I guess the club won't make a decision on him until midweek, give him that extra time," Fraser said.
"But I'd love to see Burnsy back next week, and there's others. Shane Wakelin didn't play, Ben Johnson, Ryan Lonie, Danny Stanley was stiff to be dropped from last week.
"We've got some depth there even though we've been hit by injuries pretty hard."
While Fraser has captained the side before in the absence of the full-time skipper, Saturday was the first time he has held the reigns of a finals' line-up.
He said he enjoyed the responsibility of holding the position in a September match, but conceded he was looking forward to handing it back to its rightful owner.
"To be perfectly honest, I would have rather been vice-captain today and had Burnsy lead us out, but I guess the beauty about a win is that he'll get up next week hopefully," Fraser said.
"It's a proud moment to be able to lead Collingwood out in a final, and a winning final as well."
Fraser described the Pies' unexpected success over the Crows as great after the side was all but written off beforehand.
"We probably weren't expected to win in a lot of people's eyes, but to come over and play the way we like to play and compete really hard and cope with the pressures and expectations of finals as well, it was terrific."
