After Carlton's extraordinary 76-point demolition of reigning premiers Brisbane, Fraser is firming to shed the caretaker coach tag and continue on beyond this season.
Fraser's record is 9-2 since becoming interim Blues coach when Michael Voss exited with Carlton's season appearing dead.
But the Blues sit 10th and will be guaranteed to play in the wildcard round if they win their remaining three matches.
Walsh was careful not to attach himself to one applicant for Carlton's coaching position, with several external candidates going through an extended process with the club.
Corey Enright (St Kilda), James Kelly (Geelong) and Jaymie Graham (Fremantle) are believed to be the frontrunners if Fraser isn't selected.
"All I can say is that he's made of the right stuff, he hasn't made it about himself, he hasn't made it about him getting the job," Walsh said of Fraser on Wednesday.
"I'd put all my support around anyone who's going to have a crack at being the head coach at Carlton.
"(Fraser) is made of the right stuff, so I'll back-in his decision-making, and the club's.
"We're not seeing what (other) coaches present on (to the panel), and the deeper lens of it.
"We all know how quickly the coaching change happened, so he's just come in and empowered a lot of the other assistant coaches - it's a group effort.
"I don't think I can really speak on it too much more."
The Blues' highest score since 2012 - 24.10 (154) - came amid sad family circumstances for Fraser.
Just two days before Carlton stunned the Lions, Fraser's father died.
The former Collingwood and Gold Coast ruckman was adamant on not letting his personal situation affect the club.
Fraser has been given extra time to decide if he becomes part of the official coaching search.
"The (whole) playing group probably wasn't aware, the leaders were told, but he wanted to keep it to himself, and when it's personal matters it's obviously up to the individual.
"Once we were all told, I think the boys really appreciated how he handled himself.
"But like all footy clubs, they are great places to be when hard things happen.
"I'm sure he's felt the support from us and plenty of people around him."
The Blues face St Kilda at Marvel Stadium on Sunday night when a win would put them in the box seat to secure 10th spot ahead of the finals.
Walsh hopes Carlton can keep up the exhilarating football they produced against the Lions.
"I thought it was the best four-quarter performance we've had for a fair while," the Blues co-vice captain said.
"But it's been building, and we also know that you have to keep on doing the right things to keep it at that level.
"A lot of guys contributed, which has been the theme for a fair bit now."
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