Chairwoman-in-waiting Ann Budge has now completed her deal to take over the administration-hit Gorgie side and will officially assume control on Monday.
But Locke, whose deal also expires at the end of the month, has done his best to show he is the man to lead Hearts into the Championship.
They fought back from Conor Newton's 27th minute opener - netted after Jamie MacDonald had spilled Kenny McLean's low strike - to level 90 seconds after the break.
Much like the Buddies' opener, the visitors benefited when Chris Dilo spilled Jamie Walker's strike at the feet of Dale Carrick who slotted home the leveller.
That means the Tynecastle side would have at least had a play-off to save themselves from demotion had they not forfeited 15 points for breaching insolvency rules.
But, as things stand, Locke now has to hope Budge sees the merits of his efforts with a youthful squad.
"We'll meet Ann early in the week and we'll see what happens," said the manager. "Whether I'm due another chance is for the new owner and other people to decide.
"Ann will have her plans in place and know what she wants to do. Once I hear what she has to stay we'll take things on from there.
"I wouldn't rule anything out. We'll have a clearer picture next week.
"The most important thing this season was the survival of Heart of Midlothian. That's the case now and we've got a fantastic future ahead of us."