Drain the cherries and blot dry with a paper towel. Get the cherries as dry as you can. Slice the cherries in half and set aside.
Prepare a 9x9 baking pan by placing parchment paper inside, or greasing really well. (I do recommend parchment paper as it makes removing the fudge so much easier!) Set aside.
Pour the sweetened condensed milk into a medium size saucepan and heat over medium heat. Once slightly heated (not boilinadd in the chocolate chips. Stir while the chocolate melts into the milk approximately 3-5 minutes. Again, do not bring to a boil.
Once chocolate is fully melted and mixture is smooth, add in half of the cherries and stir to combine. Pour into the prepared baking pan. Place the remaining cherries on top of the fudge mixture slightly pressing them into the fudge.
Place the pan uncovered into the refrigerator to cool and harden. Allow to cool for at least 3 hours. I left mine overnight. Once hardened remove from the pan, slice, and store in a covered container in the fridge until ready to serve. Enjoy!