Preheat oven to 350°F (175°C). In a bowl, mix cake mix, eggs, water, and oil according to package instructions. Pour into a greased pan and bake for 25-30 minutes. Let cool completely.

For the filling, beat together cream cheese and powdered sugar until smooth. Add vanilla extract and mix until combined.

Crumble the cooled cake into fine pieces in a large bowl. Mix in half of the cheesecake mixture until moist but not sticky.

Roll the mixture into one-inch balls and refrigerate for one hour to firm up.

Melt candy coating according to package directions. Dip each chilled ball into the melted coating; let excess drip off and place on parchment paper. Add sprinkles before they harden.

Allow to set completely before serving.