Question: All forbid Tevilas Kelim on
Shabbos. What is the reason?
Answer #1 (Rabah): This is a decree
lest one carry them four Amos in
Reshus ha'Rabim.
Answer #2 (Rav Yosef): It is a decree
lest one squeeze (water out of
clothing).
Question (Abaye): Why is it forbidden
to be Tovel Kelim for which this is
not a concern (e.g. a knife)?
Answer (Rav Yosef): It is a decree
lest one be Tovel other Kelim and
squeeze them.
http://dafyomi.co.il/beitzah/halachah/bt-hl-019.htm
Rambam (Hilchos Shabbos 23:8): One may
not be Tovel Tamei Kelim on Shabbos
because it looks like Tikun
Keli.
http://dafyomi.co.il/beitzah/halachah/bt-hl-019.htm
There are opinions that hold you may - please see link for at length discussion