In a large bowl, combine warm milk and granulated sugar. Sprinkle the yeast over the top and let it sit for 5-10 minutes until frothy.

Mix in melted butter, salt, and eggs until well combined. Gradually add flour, one cup at a time, until a soft dough forms.

Transfer the dough to a floured surface and knead for 5-7 minutes until smooth and elastic. Place in a greased bowl, cover, and let rise in a warm place for 1-2 hours until doubled in size.

While the dough rises, prepare the filling by mixing brown sugar and cinnamon in a small bowl. Add chopped pecans and raisins if desired.

Once the dough has risen, punch it down and roll it out into a large rectangle, about 1/4 inch thick. Spread the filling mixture evenly over the dough.

Roll the dough tightly from one long side to the other, pinching the ends to seal. Shape into a ring and place on a greased baking sheet.

Cover the shaped cake with a cloth and let it rise for another 30-45 minutes. Preheat the oven to 350°F (175°C).

Bake the King Cake for 25-30 minutes until golden brown. Let cool on a wire rack.

Prepare the glaze by mixing powdered sugar, milk, and vanilla extract until smooth. Drizzle over the cooled cake and sprinkle with colored sugars.

Slice and serve the King Cake, sharing with family and friends.