The 31-year-old looked to be on the verge of retirement earlier in the season due to a persistent knee injury first sustained in 1996.
However, he has been offered some respite in recent months and has featured in the majority of the club's games in the season's run-in. "I thought I might have been heading for life at a lower level of the game, but now the club have come up with an offer that means if I play a certain number of games by next January I'll be given a two-year deal," he said.
"The club are protecting themselves and I can understand that. Footballers get paid to play and you can't have one sitting in the stand all the time. I'm now able to look on the playing side again after contemplating retirement from the game. It feels like I've been given a reprieve and been handed my life back again.
"There was a time when I was down in the dumps because I'd tried everything to cure my knee injury problems and nothing worked. I did think to myself What'll I do now?' You're a long time retired from this game and I was only 31 years old. Now I feel I've been handed a new lease of life and it's even more satisfying to know that I'm doing myself justice on the park."
Locke played a key role in Kilmarnock's 1-0 victory over Hearts in the final league game of the season on Sunday. Together with Aberdeen's victory over Rangers, the result denied the Tynecastle club a UEFA Cup spot next season.
As a former Hearts player, Locke had sympathy for the club. "My family were in with the Hearts fans behind one goal, and I'd been receiving text messages all morning before the game from them telling me they hoped Kilmarnock lost," he added.
"But I'm a professional and my duty is to give one hundred per cent to Kilmarnock because they pay my wages. Aberdeen won their match against Rangers anyway, so our result didn't matter in the end.
"I feel for the Hearts fans but they have some outstanding players to watch every week and I think they need to pay attention to the big picture. I hope they get Laryea Kingston fixed up on a permanent deal because he could only be good for Scottish football."
Gordon Greer is set to quit Killie and return to England."I get married on Friday and 9 of the squad will be there. My contract is up at Killie and, ideally, I'll have the option to move back to England. There are a ridiculous number of clubs an hour's drive from where Amy's parents live in the north-west. I can't expect Amy's folks to follow us around and we want to have kids so it would be best for us to move near them. I've spoken to Jim Jefferies and he understands. He has told me there will be an offer if nothing develops."