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Preheat oven to 350°F. In a small saucepan, heat 1 tablespoon oil over medium-high heat. Add onion; cook and stir about 3 minutes or until onion is tender. Add garlic; cook and stir for 30 seconds more. Add rice, stirring about 3 minutes or until rice just starts to brown. Carefully add 1 1/3 cups broth and saffron threads. Bring to a boil; reduce heat. Cook, covered, about 15 minutes or until rice is cooked and liquid is absorbed.
Meanwhile, in a large skillet heat the remaining 1 tablespoon oil. Add chorizo, bell pepper and celery; cook and stir about 4 minutes or until chorizo begins to brown and vegetables are tender. Remove from heat. Add rice mixture, parsley, salt and black pepper to mixture in skillet, tossing to combine.
In a large bowl, combine rice mixture, bread cubes and olives. Toss to mix. Drizzle with the remaining 1 1/4 to 1 1/2 cups broth to moisten, tossing to combine. Spoon stuffing into a buttered 2-quart baking dish or casserole. Cover with foil. Bake for 25 to 30 minutes or until heated through.