In a large deep skillet over high heat, warm olive oil. Add the chicken thighs and saute for 5 minutes; turn and saute 5 more minutes until very brown. Stir into same skillet the tomato sauce, _ of the bag of peppers, olives and water. Bring to a simmer; reduce heat to low. Cover and cook 15 to 18 minutes, until fork can be inserted in chicken with ease.

While the chicken is cooking, slice the polenta into inch thick rounds. Warm a large, non-stick skillet or griddle over medium heat. Place the polenta slices on the skillet or griddle; cook 7 minutes on each side.

To serve, place the polenta slices on serving dish. Top with chicken; spoon sauce on top.