Grease air fryer basket with oil and preheat air fryer to 350 degrees. 

Remove biscuits from can. Separate the biscuits and place into a single layer on parchment paper or a baking sheet. 

Remove the center of each biscuit with biscuit cutter, bottle cap or shot glass to make a small hole. You can save the dough from the hole to make doughnut holes if desired.

Place donuts into the air fryer basket, leaving space in between. You may need to cook several batches depending on the size of your air fryer.

Air fry for 5 minutes, turning half way through cook time. Remove when golden brown.

While the donuts are in the air fryer, prepare the vanilla glaze. Combine powdered sugar, milk, and vanilla extract in a shallow small bowl that is wide enough to fit a donut. 

Once donuts are cooked, allow them to cool on wire rack for at least 5 minutes. 

Place donut top side down into glaze to coat, then op with sprinkles. Transfer to wire rack or plate and allow to sit until dry-about 10 minutes.