Preheat the oven to 375 °F
Coat a 9×13 baking dish with 2 tbsp softened butter. Set aside.
Cut chicken breasts in half, lengthwise. Place breasts in a large bowl.
Place mayonnaise in the bowl with chicken. Coat each breast with mayonnaise.
In another bowl, mix panko crumbs, ranch dressing mix, and grated cheese together.
One at a time, dip mayonnaise-covered chicken in the bowl with panko crumb mixture. Coat each piece with the crumbs, and place in the butter-coated baking dish.
Sprinkle olive oil over the top of each breast before placing the baking dish in the oven.
Place the baking dish in the oven. Bake chicken for 40 minutes, or until the internal temperature of each breast reaches 165°F when a meat thermometer is placed in the thickest part of the breast.