Preheat the oven to 350°F/180°C.
Rinse and pat the chicken dry with paper towels.
In a large re-sealable plastic bag, combine the flour, salt and paprika. Toss each piece of chicken in the flour and transfer to a tray. Reserve the remaining flour mixture.
In a 5-qt. Dutch oven, heat the oil over medium heat. Add the chicken and brown on both sides, about 7 minutes. Transfer the browned chicken to a tray.
Add the onions and garlic to the pan and sauté for 3 - 4 minutes or until the onions are soft. dd the oregano and remaining seasoned flour mixture and cook for 2 minutes, stirring constantly.
Combine the saffron, chicken stock and wine in a bowl and whisk it into the vegetable mixture. Bring the mixture to a boil then reduce the heat until the mixture is just simmering.
Add the chicken, tomatoes and pepper to the pan. Cover the pan and place on the middle shelf of the oven. Bake for 40 minutes.
Remove the cover. Add the olives and return the pan to the oven. Cook uncovered for an additional 10 - 15 minutes or until the chicken is cooked through.
Sprinkle with the fresh parsley and basil leaves and serve.