Lockyer, 28, has been undergoing tests at London's Cavendish Clinic since the incident in the early stages of Saturday's Championship playoff final at Wembley.
"Tom Lockyer will be allowed to leave hospital and return home tomorrow," the club said on Wednesday.
"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 preseason training, which he will be fit to take part in."
Luton, who finished third in the Championship, sealed promotion by beating Coventry 6-5 on penalties after a 1-1 draw.
Lockyer recovered enough to celebrate the victory with his family in hospital, posting a picture on social media that went viral after the win that took Luton into the top flight for the first time since 1992.