A phrase meaning that the speaker intends to add the listener to a list, or make an appointment for the listener to attend a meeting at a later time.
(Pencil, a noun, is being used as a verb for the action associated with it.)
Fred: I need help with my homework.
Daphne: I'm not free until 6.30. I'll pencil you in for then if that's OK.
Fred: It's a date.
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