Heat olive oil and butter in a large skillet over medium heat.
Season chicken with salt, pepper, and paprika. Sear for 3-4 minutes per side until golden brown.
Remove chicken from the skillet and set aside.
In the same skillet, sauté onions and garlic until fragrant.
Add rice and stir for 1 minute.
Pour in chicken broth and bring to a simmer.
Place the chicken back into the skillet, cover, and cook for 20 minutes until the rice is tender.
Stir in heavy cream, cheddar cheese, and dried thyme.
Simmer for another 5 minutes until the sauce is creamy and thick.
Serve hot, garnished with extra cheese if desired.