In a medium saucepan, combine the sugar, water, and chocolate hazelnut spread.

Bring the mixture to a gentle simmer over medium heat, whisking frequently to help the sugar dissolve and the chocolate hazelnut spread melt evenly into the liquid.

Once the syrup is smooth and the sugar has completely dissolved, remove the pan from heat.

Stir in the vanilla extract for an added depth of warmth and sweetness.

Allow the syrup to cool to room temperature.

Transfer the finished syrup into a clean container or glass bottle with a tight seal.

Store the syrup in the refrigerator for up to three weeks.