Fraser will be replaced by Aston Martin junior driver Jamie Day at Volante Rosso.
Talbot was joined by Fraser for the first three rounds of the GT season at Phillip Island, Sydney, and Ipswich.
It marks something of a return to the championship for Day, who joined Volante Rosso at Sydney Motorsport Park last year in what was a troubled three-hour endurance race.
Day, who is just 19 years old, heads to Australia off the back of competing in GT World Challenge Europe Powered by AWS with Comtoyou Racing.
“I’m super excited to be coming back to Australia,” said Day.
“I got the call from Josh and the team at Volante Rosso just recently and I’m really looking forward to it.
“I didn’t get that chance to do it properly at Sydney Motorsport Park last year. To get back to Australia and be there at Sandown, a place I’ve never been before, will be a new adventure.
“Sandown looks like a completely different track to what I’ve been racing in Europe. I’ve had a look at it on the simulator and it is a new challenge I’m ready to face.
“Liam is obviously one of the best Am drivers in the country, so I’m looking forward to this weekend.”
Volante Rosso director Josh Hunt thanked Fraser for his efforts to date.
No reason was given for his absence.
“We would like to thank Declan for his efforts in the first half of the GT World Challenge Australia Championship and we wish him all the best in the Supercars endurance races later this year,” said Hunt.
“For us, having Jamie come back into our fold is the next best thing. He is young and fast and has a huge future ahead of him.
“Sandown is a brand-new circuit for him but from what we’ve seen and his ability to adapt, we know that he is going to be competitive very quickly.
“None of this is possible without Jamie’s enthusiasm, his supporters and AMR for being able to organise things to join us with such short notice.”
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