Lets consider default ASP.NET MVC application folder structure, so it\'s looks like this:
-App_data
-Content
-Controllers
HomeController.cs
-Models
Accou
Well this is debatable, but i'd vote +1 for the Models folder.
The only other candidate would be App_Data, but this is generally for file-based databases (SQL Server CE .MDF, for example) and files you don't want served by IIS.
As the EDMX is an abstraction of the database, it should go into the Models folder.
If the project gets bigger, you should definetely move your EF Model into another project. To future-proof yourself from this, make your Controllers access the EDMX via Repository/Interfaces, so when you move the DAL over to another project, all you'll have to do is add the reference and add in the using statements.