Put saffron in a small bowl and add an ounce or two of water. Allow saffron to soak for about 15 minutes.
Put olive oil in the bottom of a dutch oven and heat. Add onions, garlic, parsley, cilantro and saffron. Stir to mix and sauté for 4-5 minutes.
Add chicken pieces and stir so they are all coated in the olive oil and herb mixture. Spread chicken pieces out in the bottom of the pan. Top with lemon wedges. Cover and turn heat to medium low. Simmer for 1.5 hours, turning the chicken pieces about every 20 minutes.
Add olives and cook a few minutes more to heat the olives. Transfer to a serving dish.