In 4-quart Dutch oven, cook and drain pasta as directed on package, adding peas and carrots during last 5 minutes of cooking. Drain; return to Dutch oven.
Meanwhile, in 10-inch nonstick skillet, heat oil over medium heat. Add chicken; cook 9 to 11 minutes, stirring frequently, until chicken is no longer pink in center.
Stir chicken, Alfredo sauce and basil into pasta mixture in Dutch oven. Cook and stir over medium heat until thoroughly heated.