Season the chicken breasts with garlic powder, onion powder, smoked paprika, salt, and pepper. Heat olive oil in a skillet over medium-high heat and cook the chicken for 6-7 minutes per side until golden brown and the internal temperature reaches 165°F. Set aside.

In the same skillet, pour in the chicken broth and bring it to a gentle simmer. Add the rice and a pinch of salt, cover, lower the heat, and let it cook for 15-20 minutes until the rice is tender and the liquid is absorbed. Fluff with a fork afterward.

Melt butter in the skillet over medium heat. Whisk in flour until it turns lightly golden to form a roux, then gradually whisk in milk and chicken broth to avoid lumps. Stir in garlic powder, thyme, cheddar, and Parmesan, cooking until thickened, about 5 minutes.

Return the cooked chicken to the skillet and spoon the creamy sauce over it. Allow everything to simmer together for 5 minutes before serving on top of the bed of rice. Garnish with fresh parsley.