Line a baking tray with parchment paper
In a small microwavable bowl, combine the chocolate chips and condensed milk. Microwave in intervals of 10 seconds, stirring in between. Repeat until melted and combined.
Add vanilla extract and stir to combine. Before it hardens, quickly pour the chocolate mixture into the parchment-lined baking pan. Smooth with spatula.
In another microwaveable bowl, combine the caramel sauce and heavy cream. Similar to the chocolate mixture, heat in 10-second intervals and stir in between until smooth and combined.
Pour the caramel mixture over the smoothed chocolate. Use a spatula to cover evenly.
Refrigerate chocolate caramel fudge for at least 3 hours, or overnight. The fudge will firm up.
Once the fudge has firmed up, remove it from the refrigerator and cut into small squares or rectangles