In a small bowl, whisk together the cornstarch and cold water until smooth to create a slurry. Set aside.
Heat the olive oil in a medium saucepan over medium heat.
Add the minced shallot and garlic to the saucepan and sauté for 2-3 minutes until softened and fragrant, stirring frequently to avoid burning.
Pour in the low sodium chicken broth and stir to combine with the shallot and garlic.
Add the dried thyme, black pepper, and salt to the saucepan and stir well.
Bring the mixture to a gentle boil, then reduce heat to medium-low.
Slowly whisk in the cornstarch slurry into the simmering broth, stirring constantly to prevent lumps.
Continue to cook and stir for 3-5 minutes until the gravy thickens to your desired consistency.
Remove from heat and serve warm over chicken or your favorite dishes.