Line an 8x8 baking pan with parchment paper and spray lightly with non-stick cooking spray.
In separate bowls, combine the white chocolate chips and semi-sweet chocolate chips with half (7 oz) of the sweetened condensed milk.
Melt the semi-sweet chocolate mixture in the microwave for 30 seconds, stirring after each interval until smooth. Stir in 1 teaspoon of vanilla extract.
Spread the melted semi-sweet chocolate evenly into the prepared baking pan.
Melt the white chocolate mixture in the microwave using the same method, then stir in the remaining teaspoon of vanilla extract and fold in the Christmas sprinkles.
Spread the white chocolate mixture over the semi-sweet chocolate layer in the baking pan. Top with additional sprinkles if desired.
Chill in the refrigerator for at least 1 hour until set.
Once set, lift the fudge out of the pan using the parchment paper and cut into squares.
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Notes
Store in an airtight container for up to 3 weeks in the refrigerator.