Whisk the pancake mix, yellow cake mix, milk, eggs, and both extracts in a medium mixing bowl until batter is smooth. Gently fold in the sprinkles. Set aside.
Heat a griddle or large pan over medium heat. Grease with cooking spray or butter.
Spoon 1/3 cup of batter onto the surface. Cook until the edges are lightly browned (1-2 minutes) flip and cook until the remaining side is golden.
Icing:
Whisk all of the icing ingredients together, starting with 1 tablespoon of milk. Slowly add additional milk until desired consistency is reached.
Spoon or spread over warm pancakes.
Notes
Sprinkles will add color streaks if they are stirred too much. Gently fold them into the batter. These pancakes can be tricky to flip. Run a spatula under the edge of the pancake to help release it from the pan before turning.