"It's really exciting, we're thrilled," Yip told the magazine. "We're due the very first week of March."
The 42-year-old is already a father to a 10-month-old son, Gavin Joshua Mannox. But Yip isn't too worried about having two young children running around the house.
"My whole life I've just been one of those people who's really comfortable with having a lot of balls up in the air," Yip said. "Maybe I just don't know any better — it's not like I've done this before! But with kids especially, you do whatever you need to do to make it work, and it just happens."
Besides his work on Design Star, Yip also recently signed on as a celebrity UNICEF Ambassador for the United States.