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1
Preheat the oven to 375u00b0 F. In a medium saucepan, combine the broth and saffron threads, if using. Bring to a boil, cover, and remove from heat. Set aside for 10 minutes to allow the flavors to meld.
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2
Place the olives on a cutting board, and using the flat of your palm, crush them lightly; remove the pit if they have them, and cut in half if particularly large. Set aside in a large bowl.
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3
In a large 12-inch skillet, heat the oil over medium-high heat. Season the chicken skin with salt and place skin-side down in the hot oil. Cook until the skin is golden and crisp, about 8 minutes. Turn and cook for 3 minutes on the other side. Transfer the chicken to the bowl with the olives.
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4
To the hot pan, add the onion and peppers and cook until soft and lightly golden, about 5 minutes. Add the garlic, and cook until fragrant, 1 minute more. Add the rice, paprika, turmeric, and cayenne and cook, stirring constantly, until the rice kernels are translucent and the spices are very aromatic, about 1 minute. Add the sherry and cook until it is absorbed by the rice, about 1 minute more. Add the tomatoes, 1 teaspoon salt, the infused broth, and reserved olives and chicken (make sure the chicken skin is face up). Bring to a boil and transfer the pan to the oven.
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5
Bake until the rice is tender, 20 to 25 minutes. Sprinkle with the peas during the last few minutes of cooking.
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6
Let the paella rest for at least 10 minutes before serving.