Place flour in a bowl with salt, pepper, and Italian seasoning. Stir to combine.
Dredge chicken breast on all sides into the seasoned flour.
Preheat Instant Pot on Saute More mode. Add olive oil to the pot.
Cook chicken on all sides until it's golden brown. Remove chicken from the Instant Pot and set aside.
Add mushrooms and sautee them until they are golden. Add chicken on top of the mushrooms, season with salt and pepper.
Add water to the Instant Pot. Close the lid and change setting to Manual Pressure High for 12 minutes.
Vent to release pressure, be careful, stay away from the hot steam. Remove chicken from the pot and place it in a serving bowl. To the pot, add heavy cream and switch setting to Sautee and simmer for about 5 minutes or until the mushroom sauce thickens.
Pour sauce on the chicken. Garnish with parmesan cheese or herbs.