Preheat oven to 350 degrees F. Line a rimmed baking sheet with foil.
Spread 1 1/2 cups of Funfetti cake mix on the foil-lined baking sheet. Bake uncovered for 5 minutes to heat treat the cake mix for safety. The cake mix should reach 160 degrees F on a food thermometer. Allow the cake mix to cool completely.
In a medium bowl, blend together the cream cheese, butter, and vanilla extract on medium speed until smooth.
Add in cake mix, powdered sugar, and granulated sugar and mix on low until combined.
Spoon the mixture onto a piece of plastic wrap and shape it into a ball. Refrigerate for at least 1 hour.
Remove the cheese ball from the plastic wrap and roll in sprinkles until completely covered.