Spray a 9×9 pan with cooking spray. Next, line with parchment paper, leaving overhang on both sides so you can easily lift the fudge out when it’s done.

In a large bowl, sift together the powdered sugar and cocoa powder; set aside.

Using a saucepan over medium heat, melt the Velveeta cheese and butter, stirring constantly until smooth. Remove from heat and add the vanilla extract and walnuts.

Pour the cheese mixture into the sugar and cocoa mixture and stir until completely mixed. The candy will be very stiff.

Using your hands, remove candy from the bowl and press firmly into the pan. The top of the fudge will be oily due to the butter; pat with a paper towel to remove excess oil. Place the pan in the refrigerator until the fudge is firm.

Cut into squares and serve.