Heat olive oil in a large pot over medium heat. Add the diced onion, garlic, and red bell pepper. Sauté until fragrant and softened, about 3-4 minutes.
Add butter and let it melt. Stir in the flour and cook for a minute to remove the raw taste. Slowly whisk in the chicken broth, stirring constantly to avoid lumps.
Stir in potatoes, corn, shredded chicken, smoked paprika, thyme, salt, and pepper. Let it simmer for 20 minutes until potatoes are tender. Chicken Caesar Pasta Salad Recipe
Reduce heat and stir in heavy cream and cheddar cheese (if using). Let it cook for another 5 minutes. Garnish with green onions and serve hot!