Heat the oil in a 12-inch nonstick skillet coated with cooking spray over medium-high heat. Add onion and pancetta; sauté 3 minutes. Remove from pan.
Combine garam masala, sugar, salt, and pepper; sprinkle evenly over chicken. Add chicken to pan; cook over medium-high heat 4 minutes on each side or until browned. Add port and vinegar; cook 30 seconds, scraping pan to loosen browned bits. Add onion mixture and broth; bring to a boil. Cover, reduce heat, and simmer 10 minutes. Add figs; cover and simmer 8 minutes or until chicken is done. Stir in parsley and chopped thyme. Garnish with thyme sprigs, if desired.