Add the olive oil and pancetta to a 3.6 quart (or similar size) pot with a tight fitting lid. Saute the pancetta to render all of the fat. 

Remove the cooked pancetta and set aside to use later as garnish.

Season the chicken pieces on each side with salt and cracked pepper and dredge in the flour mixture.

Add the butter to the pan then add the chicken pieces and cook to brown on each side. Cook in batches to allow plenty of room for the chicken pieces to brown nicely without crowding.

Remove the chicken pieces and set aside. Continue with the chicken pieces until they're all done. Set all chicken pieces aside.

Next, Add the diced onion to the pot and saute for two minutes.

Next, add the wine and chicken broth, be sure to deglaze the bottom of the pot.

Add fresh thyme sprigs and capers. Bring to a simmer and cook for 20 minutes.

Return the browned chicken pieces to the pan with the liquid. Reduce the heat to a medium low setting. Cover with a lid and cook for 1 hour.

When the cooking time is finished remove chicken pieces and set aside.

Remove thyme stems and discard.

Prepare the sauce. In a measuring cup, combine cold water and cornstarch into a slurry mixture

Add the slurry mixture to the braising liquid. Stir to combine.

The sauce will thicken quickly.

Remove the pot from the heat and return the chicken pieces to the pan, then coat in the sauce.