On Sunday night the champion jockey, who has ridden more than 50 Group One races in Australia and Asia, had surgery to pin a spiral facture of his left leg after his mount Hargitay flipped over in the barrier at Seymour.
King's manager Dean Faster said the surgeon had confirmed King would be sidelined for six months.
"Not being able to ride Leica Falcon is devastating for him," Fraser said.
"Steven was waiting 12 months to have chance to ride him and has kept in touch with Richard Freyer over the last 12 months to see how the horse was going."
King was also in the running to ride El Segundo this spring as well as Zupaone, who won Saturday's Spring Stakes in Adelaide, and Group One Goodwood Handicap winner Let Go Thommo.
"It's disappointing for Steven but he is upbeat and keeps telling me he will be back bigger and better," Fraser said.