Using a double boiler method, melt the chocolate chips, condensed milk, and vanilla together until smooth.

Refrigerate the chocolate mixture for one hour until slightly firm.

Portion the truffle mixture using a two teaspoon measure scoop to keep truffles even in size. Roll into balls and roll into the sprinkles to coat.

Place truffles on a parchment-lined baking sheet and refrigerate for one hour to set.