Heat olive oil in a heavy bottom pan or dutch oven over medium high heat.
Place chicken, skin side down, in bottom of pan. Cook just until chicken is browned. Remove from heat and place on a plate. Set aside. Drain off any excess chicken drippings.
In the same pan, add the onion, bell peppers, mushrooms, and carrots and stir until softened. Add the garlic and stir. Add the thyme, oregano, and optional red pepper flakes. Stir until vegetables are browned and softened a little.
Pour in wine and let it simmer for about 30 minutes. Add canned italian tomatoes, chicken broth, and capers into the pan and stir. Place chicken (skin-side up) back in the pan, sitting on top of the vegetables and let it cook for another 45 minutes.
Serve by itself or on top of pasta, rice, or polenta and top with chopped fresh basil.