John McGlynn is the latest dugout casualty at the Gorgie club after he was relieved of his duties when Wednesday night's 2-0 defeat to St Mirren in Paisley left them second bottom of the Clydesdale Premier League.
The chairman of Scotland's Managers and Coaches Association Alex Smith claims the task of managing Hearts is now a "mission impossible" after McGlynn became the 10th boss to be sacked by club owner Vladimir Romanov since he assumed control in 2005.
But Locke - who, alongside player development manager Darren Murray, will lead the team for Saturday's SPL meeting with Motherwell at Tynecastle - insists the Jambos job is still a prized post.
He said: "This is a fantastic club with a fantastic history. It's a dream job in my opinion, but then I'm a wee bit biased. It's a huge club with huge potential and hopefully we can finish the season on a high and that's what we aim to do."
The former club captain wouldn't rule out landing the vacant position on a full-time basis himself but expects competition from other candidates.
"I don't really think I need to apply. I'm here, they know I'm here and they know what I'm capable of. They are talking to candidates as far as I believe. If they think I'm the man for the job then great. If not, who knows what will happen."
McGlynn was dismissed after winning just eight of his 34 games in charge of Hearts.
But despite being forced to blood a number of youngsters into his side after his first-team budget was drastically slashed amid on-going financial constraints, he did lead the William Hill Scottish Cup winners to their second consecutive cup final after they beat Inverness in the semis of the Scottish Communities League Cup.
Locke admitted his hurt at McGlynn's departure but claims he must now focus on the future, saying: "It's been a difficult couple of days and it's been sad to see the manager relieved of his post. We are all deeply disappointed but we have got a game on Saturday and we have got to try and get the club back on track."