In a small bowl, combine the paprika, garlic powder, and Italian seasoning. Season the chicken with salt, pepper, and the spice blend.
Heat 2-3 tbsp oil in a large skillet over medium-high heat. Cook the chicken for 5-6 minutes on each side. Remove the chicken from the skillet and set it aside.
Add the mushrooms to the skillet and cook for 2-3 minutes. Remove the mushrooms from the skillet and set them aside.
Reduce the heat to medium-low. Add the shallots and garlic to the skillet and cook for 40 seconds. Add more oil if needed.
Add the champagne and deglaze the skillet. Let the champagne reduce by half, this should take about 5 minutes.
Stir in the heavy cream and parmesan cheese. Add the chicken back to the skillet, skin-side up. Cover, and cook for 25 minutes or until the chicken is fully cooked through.
Once the chicken is fully cooked, add the mushrooms back to the skillet, check for seasoning, and enjoy!