Heat 1 tbsp olive oil in a large skillet over medium heat. Add the bacon (or pancetta) and cook until brown and crispy, about 8 minutes. Remove with a slotted spoon to a plate lined with a paper towel.
To the same skillet, add the onions and cook until they just start to carmelize, about 10 minutes. Remove from the pan and set aside on a baking sheet. While the onions cook, add the flour to a glass baking dish and season with salt and pepper to taste. Add the chicken and toss to coat. (Or through the flour, salt and pepper in a large zip lock and toss the chicken to coat.).
To the same skillet add 3 tbsp olive oil, add the mushrooms and season with salt and pepper, to taste. Saute the mushrooms until browned, about 8 minutes and remove to the baking sheet with the onions.
Shake off any excess flour from the chicken and put on a plate. Add 3 tbsp olive oil to the skillet and cook the chicken. Cook until the chicken is browned, about 6 minutes and transfer to the baking sheet.
To the same skillet, add the garlic and tomato paste. Cook for 2 minutes and deglaze the pan with 3/4 of the bottle of wine, making sure to scrape the brown bits from the bottom of the pan. While the wine comes to a simmer, add the thyme, chicken, mushrooms,and onions and let simmer for 3 minutes. If sauce is too thick add the remaining red wine. If not, drink the remaining wine :). Add butter, taste and adjust seasoning, if necessary.
Bring a large pot of water to a boil over medium high heat. Add the pasta and cook until al dente, about 8 to 10 minutes.
Drain the pasta, transfer to a large serving bowl and top with the chicken and wine sauce. Garnish with the parsley, pancetta, and a drizzle of the remaining olive oil.