T8 will field a third Holden Commodore in the Great Race at Mount Panorama held from 6-9 October.
It will be the second year the Brisbane outfit has run a wildcard backed by automotive retailer and former Bathurst 1000 title sponsor, Supercheap Auto.
Last year the Supercheap Auto entry was raced by Russell Ingall and Broc Feeney, however Feeney's promotion to a full-time Supercars seat for 2022, as a replacement for the retired seven-time Supercars champion Jamie Whincup, has prompted a re-shuffle.
With Feeney set to be joined by Jamie Whincup in the #88 Red Bull entry, seven-time Bathurst 1000 winner Lowndes will shift over to the Supercheap car.
It's long been understood that the second seat was a choice between T8's two Super2 drivers Fraser and Cameron Hill.
According to Autosport sources its Fraser that's been given the nod for the slot alongside Lowndes.
This will be Fraser's maiden Great Race start, although he did bank plenty of Mount Panorama mileage in a V8-powered MARC car at the Bathurst 12 Hour last month.
Fraser has been competing in Supercars' second tier Super2 Series this season and currently sits second in the championship standings behind Grove Racing's Matthew Payne.
The driver line-up for the Supercheap entry will be formally confirmed at a launch event in Brisbane on Sunday, which is open to fans free of charge.
There will be at least 28 cars on the grid for the 2022 Bathurst 1000 with confirmation of this third wildcard.
Other one-off entries already locked in are the Erebus Motorsport-run, Boost Mobile backed car for Greg Murphy and Richie Stanaway, and the Anderson Motorsport entry for Michael Anderson and a yet-to-be-confirmed co-driver.