You can use Connections QML item to create dynamic connections using createQmlObject function :
var item = menuContext.insertItem(0, "menu item")
Qt.createQmlObject("import QtQuick 2.0;Connections{onTriggered:foo()}",item)
Simply, you can create also direct connection :
item.onTriggered.connect(foo)
(MenuItem is necessarily Qt Quick 2 and Qt 5.1)