Heat oil in a Dutch oven.
Saute the pancetta for about 2 minutes in the hot oil. It should be a little crispy. This will give the stew incredible flavor.
Add the chicken legs and saute for 8 minutes. Turn once after 4 minutes so they get a good browning on each side.
Add the flour, salt, and pepper together. Sprinkle the mixture over chicken and stir well, cooking for about 1 minute.
Add wine and water and stir well.
Add the potatoes, mushrooms, pearl onions, carrots, and garlic.
Make a small bundle of a few pieces of fresh thyme, wrapping one piece around the bundle. Add it to the stew and gently stir so thyme is submerged.
Bring stew to a full boil. Reduce heat to low and cover, cooking for 45 minutes.
When you are ready to serve the stew, add the peas and cook for 2 minutes if using frozen peas or a couple of minutes longer if they are fresh. I used fresh this time.
You can place the chicken stew on a large platter or serve it in individual bowls as I did.
Sprinkle with parsley just before serving.