Despite posing for the saucy faux cover, the pair insisted that they would never sleep with one another.
Asked if she would have sex with Locke, Hull said: "Not in a million years. Not even if you said, 'I would pay you all the gold in the world'.
"If I wasn't married by my late 40s and wanted to have kids, I'd say, 'Ollie, give me your sperm'. But it would need to be injected into me."
She added of Locke: "He's got a big willy, but it's a funny colour. Because he's this colour [points to Ollie] and that part doesn't get sprayed [with fake tan], it's a bit ashen.
"Elephant's breath. That's a Farrow & Ball paint colour we were going to paint our flat with. They should call it 'Ollie Locke's Willy'."
Of being an openly bisexual star, Locke said: "I can't think of one openly bisexual man in Celebville, apart from myself. It's difficult."
"Girls don't generally want to go there. Who's going to want to marry me? That sounds really silly, but..."
He quipped: "I'll always have [ex-girlfriend and former Made in Chelsea co-star] Gabriella [Ellis] if all else goes wrong. I'm pretty sure she'll still have me."
The full interview appears in this week's Heat magazine, on sale now.
Made in Chelsea continues on Mondays, at 10pm on E4.