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Season the chicken breasts on both sides with onion powder, garlic powder, and salt and pepper to taste.
Select Sauté to preheat the pressure cooking pot. When hot, add 1 tablespoon olive oil, then add the chicken in batches and brown lightly on both sides. (Add more oil if needed.) Remove browned chicken to a plate.
Add the remaining 1 tablespoon olive oil, then add the onions and sauté until translucent (about 2 minutes). Add the garlic and cook for 30 seconds.
Stir in the chicken broth, vinegar, tomato paste, and thyme.
Place a rack in the cooking pot and put the browned chicken on the rack. Add the sliced mushrooms.
Lock the lid in place. Select High Pressure and 6 minutes cook time. When the cook time ends, finish with a quick pressure release. When the valve drops, carefully remove the lid. Remove chicken to a serving platter and keep warm.
Stir the evaporated milk and Parmesan cheese into the sauce, mixing until combined.
Combine the cornstarch and water, whisking until smooth. Stir the cornstarch mixture into the sauce, select Sauté and cook, stirring constantly, until the sauce thickens. Stir in the chopped parsley.
Pour the sauce over the chicken (or return to the cooking pot). Serve over cooked rice or pasta.