Preheat your oven to 350°F (175°C).
Heat the olive oil in a Dutch oven over medium-high heat. Season the chicken thighs with salt, pepper, garlic powder, onion powder, paprika, and thyme.
Sear the chicken thighs skin-side down (if using skin-on) for about 4-5 minutes until browned. Flip and sear the other side for another 3-4 minutes. Remove from the pot and set aside.
In the same Dutch oven, whisk together the cream of mushroom soup and chicken broth until well combined. Scrape any browned bits from the bottom for added flavor.
Return the seared chicken thighs to the pot, nestling them into the soup mixture. Ensure they are mostly submerged in the sauce.
Cover the Dutch oven with a lid and transfer it to the preheated oven.
Bake for about 45 minutes to 1 hour, or until the chicken is cooked through and reaches an internal temperature of 165°F (75°C).
Remove from the oven and let it rest for a few minutes. Garnish with fresh parsley if desired. Serve hot, ideally over rice or with crusty bread to soak up the delicious sauce.