Preheat a non-stick griddle or large skillet over medium-low heat. Use a round cookie cutter or a glass to cut a circle out of the center of each slice of bread.

In a shallow dish, whisk together 1 egg with sugar, cinnamon, and vanilla. Stir in milk.

One at a time, dip the bread into the egg mixture, turning to coat both sides.

Place the bread on the griddle and cook until it is golden brown on the bottom.

Turn the bread over and gently crack one egg into the center of the bread then season it with salt and pepper. Place a domed lid over the bread so that heat will cook the egg more quickly.

Cook for 2-3 minutes. The French Toast Egg in a Hole is done when the egg white is nearly set and the egg yolk is still soft.

Repeat with the remaining slices of bread.