"You know I'm looking forward to it"
Let's break down the phrase:
* tú: You (formal, singular)
* sabes: You know
* que: that
* estoy: I am
* deseando: looking forward to (it/something)
It's important to use the correct conjugation of the verb "desear" (to wish, to desire) in this context, which is "deseando" for the present participle.
The phrase implies that the speaker is eagerly awaiting something, and the person they are speaking to is aware of this.