Preheat your oven to 375°F (190°C).
In a large skillet, heat the olive oil over medium heat. Season the chicken breasts with salt, pepper, garlic powder, onion powder, and paprika.
Add the seasoned chicken to the skillet and cook for about 5-7 minutes on each side, until golden brown. Remove the chicken from the skillet and set aside.
In the same skillet, add the chicken broth and bring to a simmer. Stir in the softened cream cheese until fully melted and combined.
Add the shredded cheddar cheese to the skillet and stir until melted and creamy.
Return the chicken to the skillet, spooning the creamy sauce over the top.
Transfer the skillet to the preheated oven and bake for 20-25 minutes, or until the chicken is cooked through (internal temperature should reach 165°F).
Remove from the oven and let it rest for a few minutes. Garnish with fresh parsley before serving.