Stevenson - one of only two outfield players aged over 21 in the Hearts squad - was ruled out for three months with a medial ligament strain after being injured in his team's Edinburgh derby win on August 11.
But he is back on the training ground to give Locke hope that he will make his playing return a lot sooner than initially thought.
Locke told Hearts TV: "Ryan Stevenson has started running this morning so that's another bit of positive news.
"We are not going to put a timescale on him but he has got the brace off now and he's back running, and hopefully we can see him in a Hearts jersey in the next few weeks."
Hearts lost 3-1 at home to Celtic on Saturday but Locke was happy with his team's overall display and is looking to make further inroads on their 15-point deduction at Dingwall on Saturday.
The Scottish Premiership bottom club face a Ross County side fresh from their 4-2 home defeat against Dundee United.
Locke said: "We go into every game trying to win the game. We have got to in the position we are in.
"But we know how difficult it's going to be. They are coming off the back of a difficult result and I'm pretty sure (manager) Derek (Adams) will have said a few choice words to them after the game and will be looking for a reaction."