Callum Brittain and Connor Furlong have been offered professional contracts by the Dons.
Brittain, a versatile wide midfielder who can also play at full-back, has scored seven goals and set up five in 16 appearances for the Under-18s this campaign.
He also featured regularly for the development side during the Berks and Bucks County Cup campaign, while he was named on the bench for the first team in the Emirates FA Cup tie against Northampton Town at Sixfields.
Furlong, meanwhile, is a skilful and exciting attacking player who has found the net six times in 24 games this season. He has also provided nine assists.
He has been part of numerous Scotland youth training camps, while he also travelled with his country to Mexico for a tournament as an Under-16. Like Brittain, Furlong has been included in the development side throughout 2015/16.
Also on Monday, the Club informed the remaining seven second-year scholars that they will not be offered professional contracts.
Andrew McCorkell, Tom Wyant, Jack Hadden-Becker, Adam Hunt, Joe Steele, Dominic Palmiero and Kevin Owusu will leave the Dons at the end of the season.
Director of youth Mike Dove told mkdons.com: “I’m proud and very pleased for Callum and Connor. They are two different types of players and personalities but both have shown great potential to pursue a professional career with MK Dons.
“I’ve known both them for a long time and I’m delighted they will continue with the Club, following in the footsteps of a number of others who have raised the bar over the years.
“I’m equally as proud of the seven young players who have applied themselves extremely well during their time in the Academy - it has been a pleasure to work with them all on a daily basis over the past two years.
“I wish them all the best for the future and I’m sure they will be successful in their chosen pathway, whether it’s within or outside of the game.”
Manager Karl Robinson told mkdons.com: “Connor is a very talented, attack-minded player who has shown he can affect the game at the top of the pitch. Like all young players, Connor still has things to learn about the game, but he’s got a lot in his armoury and I’m excited to see what he can bring.”
“Callum is the perfect example of where a work ethic can get you – he has given everything and deserves his chance. He’s a gifted individual and one that I’m confident will flourish in a professional environment.”
He added: “I want to place on record my best to all the seven players that have left the Club. They showed their class as young men when they were told the Club’s decision and hopefully they will remember their time at the MK Dons, whether it started as an eight-year-old or a 16-year-old, with great fondness.”
The Club would like to wish all seven players every success for the future.