Spray 12-inch nonstick skillet with cooking spray; heat over medium-high heat. Cook chicken in skillet 3 to 5 minutes, stirring frequently, until light brown.
Stir in broth; heat to boiling. Stir in rice; reduce heat. Cover and simmer without stirring 10 minutes.
Stir in asparagus, Canadian bacon and basil. Cover and simmer without stirring 8 to 10 minutes or until rice is tender and chicken is no longer pink in center; remove from heat. Stir in cheese.