Season both sides of the chicken breasts with garlic powder, onion powder, smoked paprika, salt, and black pepper.
In a large skillet, heat olive oil over medium-high heat and cook the chicken for 5 to 7 minutes on each side until golden brown and cooked through. Remove chicken from the skillet and set aside.
In a separate saucepan, bring chicken broth and salt to a boil. Add rice, reduce heat to low, cover, and let simmer for 15 to 20 minutes or until the rice is tender and the liquid is absorbed. Fluff with a fork.
In the same skillet used for the chicken, melt butter over medium heat. Add flour and whisk continuously for 1 to 2 minutes to form a roux.
Gradually add milk and chicken broth, whisking until smooth and thickened.
Stir in garlic powder, thyme, cheddar cheese, and Parmesan cheese. Mix until creamy and cheese is fully melted. Taste and adjust seasoning.
Return the chicken to the skillet, spoon the creamy sauce over the top, and let everything warm together for a minute.
Serve the chicken and sauce over a bed of rice and garnish with chopped fresh parsley. Enjoy immediately.
Notes
Perfect for leftovers, simply reheat in a pan with a splash of milk.