The 28-year-old fell to the floor during their Sky Bet Championship play-off final against Coventry on Saturday and was taken to hospital after being carried off the pitch on a stretcher.
Lockyer has since undergone tests at the Cavendish Clinic in London and the club confirmed he will be able to join their preparations for Premier League football next season.
A statement on the Luton website said: “The Welsh international has completed all the necessary medical tests and observations to be allowed home for a period of rest before the start of pre-season training, which he will be fit to take part in.
“We would like to thank everyone for their messages of love and support for Locks, who has had a season to remember and proudly led the team out on Saturday, with his team-mates completing the job for him.
“We can’t wait to see you back home at the Kenny with that trophy in your hands, Locks!”
Saturday’s final went to penalties after Jordan Clark’s opener was cancelled out by Gustavo Hamer to finish 1-1 after extra time, but the Hatters secured top-flight football with a 6-5 victory on penalties.
Luton players held up Lockyer’s shirt throughout their celebrations and the captain posted an update on Instagram after the game.
He said: “Well not quite where I thought I’d be celebrating at the final whistle!
“I would just like to say a massive thank you to the amazing physios and doctors at Luton and Wembley for the swift and thorough response.
“A much scarier moment for everyone else than myself I am sure!
“Commiserations to Coventry a fantastic opponent over 3 games which had to be decided by penalties.
“I am currently in hospital under precaution and will stay here overnight for further tests in the morning.
“I am feeling very much myself, helped by the way the lads left it all out on pitch! It’s such an honour to be part of this team.. Premier League baby.”
Lockyer suffered a cardiac arrest during Luton’s Premier League game at Bournemouth in December and his heart stopped for two minutes and 40 seconds.
The 29-year-old was saved as medics rushed to perform CPR (Cardiopulmonary Resuscitation) and provide early defibrillation.
Wales defender Lockyer has since supported the British Heart Foundation’s campaign for people to learn CPR skills, as well as raise funds for lifesaving research.
“The medical team came in and we did the class,” Page said of his squad undertaking a CPR and defibrillator training course in September that would take on special significance three months later.
“Tom is championing it at the minute, and rightly so.
“It just shows that there’s more to life than football.”
Lockyer returned to the scene of his on-pitch cardiac arrest on Wednesday for Luton’s re-arranged meeting with Bournemouth.
The 16-times capped central defender met medics who helped save his life and admitted that he “got a little bit emotional”, while describing them as “heroes”.
Lockyer has since been fitted with an implantable cardioverter defibrillator and conceded it is “out of his hands” if he will ever play again.
But he will be part of Wales’ preparations next week as they bid to qualify for Euro 2024 and a third successive European Championship.
Wales host Finland in a play-off semi-final in Cardiff next Thursday, with the winners at home to Estonia or Poland five days later to decide a place in Germany this summer.
Page said: “I’ve had a good conversation with Locks and he’ll be a part of it. We don’t know what days or for how long yet.
“But he’s keen to come in and we’re keen to have him around the lads.
“I can only imagine how hard it was for Meps (Chris Mepham), Kieffer (Moore) and Brooksy (David Brooks) when they played that fixture and saw their mate on the floor like he was.
“I can only imagine how hard it would have been for them.
“They’ve had contact straight after and they’ve been in touch since, but it’ll be nice to have them all back in the group together.
“Forget football, just being together as good mates is powerful for them.”
