In a small bowl, mix the cornstarch and cold water until smooth to create a slurry.
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.
Pour in the low sodium chicken broth and stir in the dried thyme, black pepper, and salt.
Bring the mixture to a gentle simmer, stirring occasionally.
Slowly whisk in the cornstarch slurry and continue to cook, stirring constantly, until the gravy thickens, about 3-5 minutes.
Remove from heat and taste, adjusting seasoning if necessary.
Serve warm over chicken or your favorite dishes.