The right-back is set to follow Jamie MacDonald and Ryan Stevenson in agreeing a reduction in salary in order to help the club survive a cashflow crisis.
The news came after it emerged that former Scottish Rugby Union chief executive Gordon McKie was leading one of the groups interested in taking over the club.
Locke told the club's official website: "We are nearly there but are meeting tomorrow (Monday) to finalise things.
"It's not the sort of thing a snap decision can be made on but the signs are encouraging.
"Fair play to Jamie Mac and Ryan - these are the types of guys you want in your team and hopefully we'll have more positive developments tomorrow."