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Lightly coat 9x13 baking dish with cooking spray.
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In a medium saucepan, slowly melt butter over low heat being careful not to let it brown.
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Stir in vanilla extract.
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Add marshmallows to butter/vanilla mix and continue cooking over low until marshmallows are completely melted, stirring often.
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Once marshmallows are melted, continue cooking another 2 minutes and then remove from heat.
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In a large mixing bowl, add Rice Krispie cereal and pour marshmallow mix over top.
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Combine ingredients together until Rice Krispies are evenly coated.
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Pour Rice Krispie mix into prepared baking dish.
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Using a large piece of wax paper, firmly press Rice Krispies into dish and even out surface.
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In a medium microwave-safe bowl, add Milky Way Simply Caramel Bites and microwave in 30 second intervals until completely melted and smooth. If texture is still too chunky after several minutes, add 1 tbsp. of milk.
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Using a rubber spatula, pour melted Milky Way Simply Caramel Bites over Rice Krispie treats and allow to cool.