Preheat oven to 400F degrees.

In a small measuring cup, mix the wine and the saffron threads. Reserve.

Heat a large paella pan (or ovenproof lidded skillet or casserole) over medium-high heat. Add the chorizo and cook, stirring occasionally, until browned and fat begins to render, about 3 minutes. Remove with a slotted spoon and transfer to a large plate.

Add the chicken thighs, adding some olive oil if necessary, and cook until browned, about 5 to 8 minutes. Season with salt and pepper. Remove and transfer to plate with chorizo.

If you have too much drippings at this point, pour off some, leaving about 2 tablespoons in the pan. If you don't have enough, add 2 tablespoons olive oil. Reduce heat to medium and add the chopped onion, sautéing until translucent, about 2 minutes. Add the garlic and stir for 30 seconds or until fragrant. Then, add the tomatoes, the red pepper and the smoked paprika. Cook for a couple of minutes, until the veggies are softened.

Add the rice and stir to coat. Season generously with salt and pepper. Then, pour the wine-saffron mixture and bring to a boil, scraping up browned bits from the bottom of the pan.

Return the chorizo and chicken to the pan and add the chicken broth. Once it starts simmering, cover and transfer to the preheated oven.

Bake paella until rice is almost tender, about 20 minutes.

Stir the rice and taste for seasoning, adding more salt and/or pepper if necessary. Add the frozen peas and olives and return the pan to the oven for 5 more minutes or until the peas and rice are tender.

Scatter the chopped parsley over the paella, and serve with lemon wedges on the side for squeezing over.