Hall arrived on loan at stadium:mk in March from Neil Lennon’s side and helped the Dons achieve promotion to the Sky Bet Championship.
The 21-year-old impressed during that spell, the highlight of his stay a hat-trick in the 6-1 win over Leyton Orient, prompting manager Karl Robinson to move for the former West Ham youngster ahead of the 2015/16 campaign.
Hall, who also spent time on loan at the club during the 2011/12 season, told MK Dons Player HD. “It was an easy decision, I’m just happy that I’m back here and I can’t wait to get going with the lads again.
“Coming here last year and being given the freedom to go out and play my football revived my whole season. I got on really well with the gaffer and the staff and the lads were great too.
“This was an opportunity I couldn’t turn down, at home playing for a great club like MK Dons.”
Dons boss Robinson said: “It was clear for all to see at the back end of last season what Hally is capable of and he’s shown tremendous hunger and desire to want to come here for a third spell. We are more than happy to have him back.
“He’s an exciting young English talent and he’ll add another dimension to our attack.”