Preheat your smoker to 225°F (107°C).
In a bowl, mix olive oil, smoked paprika, garlic powder, onion powder, salt, black pepper, and cayenne.
Rub the spice mixture all over the chicken breasts.
Let the chicken marinate for at least 30 minutes.
Soak wood chips in water for about 30 minutes.
Place the soaked wood chips into the smoker.
Place the chicken breasts on the grill grates.
Close the smoker lid and cook for about 1 hour or until the internal temperature reaches 165°F (74°C).
Remove the chicken from the smoker and let it rest for 10 minutes.
Slice and serve with your favorite sauce.