The 18-year-old has made 16 appearances for Aberdeen following his debut as a substitute against Hearts under Mark McGhee.
Current Dons boss Craig Brown told RedWeb: "The club made the player what was the best offer they possibly could and it's very disappointing that he has chosen to see his future elsewhere.
"It was indicated to the club that Ryan believes he is ready to play at a higher level than the SPL and I have to say I think that is the wrong decision.
"He would be far better to continue to learn his trade here with Aberdeen and I only want players here who are 100% committed to Aberdeen Football Club."
Aberdeen Mad hopes that Ryan Fraser enjoys Huddersfield or Burnley or wherever, and wishes him as successful a career as fellow money-grabbers Fraser Fyvie and Jack Grimmer.