Preheat the oven to 350°F. Using a stand mixer or hand mixer, beat the eggs, almond extract, and sugar until it triples in volume.
Using a spatula, fold in the flour by thirds just until it's combined. Be extra careful not to over mix it batter, or the cake will lose its fluffiness.
Place the batter into a greased 9-inch pan and bake it for 30 minutes. To check doneness, stick a toothpick into the center of the cake. If it comes out clean, it's ready.
Ferrero Raffaello Cake Cream
Using a stand mixer or hand mixer, beat the softened cream cheese and butter with the sweetened condensed milk. Next, add the coconut flakes and dry milk and beat until well combined.
Assembling the Cake
In a small bowl, combine the milk and sweetened condensed milk to make the soaking cream. Set aside. Slice the baked cake into three, even layers.
Using a pastry brush or spoon, spread each cake layer with a bit of the soaking cream.
Frost one of the bottom cake layers with the cake cream, followed by a layer of crushed almonds and wafers. Repeat with the middle layer. Stack the two frosted cake layers on top of one another. Top with the unfrosted top layer.
Decorate the outside and top of the cake with the remaining cake cream, Ferrero Raffaello candies, and coconut flakes.
Store the cake in an airtight cake container overnight to set and allow the flavors to develop. Slice and enjoy!