The Gorgie club entered administration in June with debts of about B£30million, which brought with it a 15-point deduction for the start of the season and a signing embargo.
Fans group the Foundation of Hearts have put forward a financial package worth B£2.5million which will be submitted to creditors on Friday, seven days before it goes to shareholders.
But in each meeting the fate of the Company Voluntary Arrangement (CVA) lies in the hands of Lithuanina-based Ukio Bankas and UBIG, which are owed the vast majority of money and together own about 80 per cent of the club's shares.
Locke, whose team host Ross County on Saturday, said: "It is massive tomorrow. Not just being the manager but being a fan as well, I am just hoping everything goes to plan.
"I am not sure what is going to happen but it would be great if everything could be accepted and we could move forward.
"It would be a huge boost for everyone, not just myself and the players, but the supporters and the people who work at the club.
"It has been a very difficult period of time for us all and we are all just wanting the same outcome and hopefully a CVA can be agreed.
"But it is certainly going to be a sleepless night tonight but hopefully things will work out in our favour."
- Sports & Recreation
- Company Voluntary Arrangement
- Ukio Bankas