National team coach Steven Reid confirmed that the duo will not be able to play a part in Thursday’s crucial Euro 2020 play-off against Serbia.
The loss of Fraser is a particular blow after he had linked with forward Lyndon Dykes in a promising attacking partnership in recent games.
The Newcastle winger scored the only goal of the game as Scotland beat Czech Republic last month.
Norwich City centre-back Hanley, who has 29 caps, had returned to the squad having last played for Scotland against Costa Rica in March 2018.
Reid said: “Ryan and Grant Hanley at the moment are struggling.
“It’s disappointing. Grant has missed a little bit of football and unfortunately is not going to be with us, and Ryan as well.
“He performed really well in the past camp so that is a blow but we have got strength in depth. We have bigger numbers than usual in the squad and feel as if we have a squad which is capable of competing well.”
It has not yet been confirmed if national team boss Steve Clarke will call up replacements before the squad fly out for Thursday’s match in Belgrade.