Combine dried mushrooms and water in a bowl; cover and let stand 15 minutes. Drain.
Heat a large nonstick skillet coated with cooking spray over medium-high heat. Sprinkle chicken with salt and pepper. Add chicken to pan, and sauté 4 minutes on each side or until browned. Add mushrooms, broth, and bay leaves. Cover, reduce heat, and simmer 20 minutes or until chicken is done. Discard bay leaves. Serve with rice.