Line an 8x8 pan with parchment paper with ends of parchment paper extending over the sides of the pan.
Spray parchment paper lightly with non-stick cooking spray. Set aside.
Microwave caramels and milk in a microwave safe bowl on high for two minutes or until caramel is completely melted, stirring every 30 seconds until well blended.
In a heavy saucepan melt the chocolate chips, sweetened condensed milk and salt over low heat.
Remove from the heat and stir in one cup of the pecans and the vanilla.
Pour half of the fudge mixture into the prepared pan.
Pour the warm caramel over the fudge mixture, then pour the remaining fudge on top of the caramel.
Sprinkle with the remaining pecans.
Cover and refrigerate at least two hours.
Use the sides of the parchment paper to remove fudge from the pan.
Cut into squares.
