In a large bowl, mix together the powdered sugar, butter, condensed milk, and vanilla extract. Knead until it forms a thick paste. Refrigerate for an hour, or until firm and cold.

Make sure the cherries are well drained and pat them dry. Line a large baking sheet with parchment or wax paper. Set aside.

When the mixture is firm, scoop out about 2 teaspoons and form it around each cherry, placing them on the prepared baking sheet.

Place the baking sheet in the freezer for at least an hour until firm.

Melt the chocolate chips in a microwave-safe bowl in 30-second increments, stirring after each, until melted.

Remove the cherries from the fridge and dip them into the melted chocolate, placing them back on the lined baking sheet.

Refrigerate the cherries for about an hour until the chocolate is set and firm.