The Northampton musician announced the news across his social media platforms on Tuesday night.
Lockett signed the deal with Photo Finish Records following an industry showcase in the city last month.
Talking about the announcement, he said: “(I) feel a huge sense of relief right now. Last time I signed a record deal it was in the UK five years ago to a major label.
“It was weird from the beginning and after a gruelling two years they dropped me before ever releasing the album.
“Since then, I’ve been doing it the DIY way which, don’t get me wrong, has been incredibly rewarding 20 per cent of the time, but the other 80 per cent it’s been insanely hard work, stressful and worrying.”
Lockett revealed that during the last eight years, he’s gone through different management companies, labels, PR companies, booking agents, radio pluggers, writers, bands and producers.
He admits at times, he was in “tens of thousands of pounds of debt,” from taking big risks that didn’t pay off, leaving him broke.
He adds: “I’ve been on countless life changing tours and TV shows that never really changed much when they ended.
“I’ve made a tonne of mistakes through this whole process, throw drink and drugs into the mix and it was a recipe for disaster.
“If it wasn’t for my family’s support and my Paterons financing the recording costs, I actually don’t think I would be in this situation at all and the album wouldn’t ever exist so I owe you guys everything.
“Fast forward to now. I’m sober. I just hit 110 million streams, found the perfect producer, recorded a debut album that I’m so proud of, signed a new record deal to a team of people who genuinely understand me and my music so much. Finally, things are looking good.”
Lockett’s forthcoming debut album will follow the EP Reflections which was released last year.
In recent years, Lockett has played headline shows across the UK, opened for ELO and appeared on The Late Late show with James Corden in America.
Lockett said he’s been able to learn from his mistakes and take on board honest criticism he’s received.
He added: “This industry can be cruel but thanks to Whole Management and Photo Finish, I’m lucky enough to have been given a second chance when most people don’t even get one.”
Addressing his fans, he said: “I will never take that for granted and truly feel so proud to finally show you all the debut album I’ve been working on for so long.
“Thank you for continuing to stick by me and my journey, your support is the biggest reason I’ve kept believing in myself.
“I’m so God damn happy right now. It’s finally working.”
This week, Lockett also revealed he will play his biggest headline London show to date at Islington’s Assembly Hall on Tuesday, November 1.
Pre-sale tickets are available via O2 and Lockett’s Pateron page on Wednesday, June 8, at 10am.
This will be followed by a Live Nation pre-sale on Thursday, June 9, at 10am and then general sale on Friday, June 10, at 10am.