Preheat the air fryer to 350°F (180°C) for 5 minutes. If your air fryer does not have a preheat option, simply run it for 5 minutes at the mentioned temperature.
In a small bowl, combine smoked paprika, garlic powder, Italian seasoning, salt, and black pepper to prepare the seasoning.
Pat the chicken dry with paper towels and make sure that the cavity is empty. Drizzle the chicken with olive oil, sprinkle the prepared seasoning over it, and rub it all over the chicken evenly. If you wish, use kitchen twine to truss the legs together.
Place the chicken in the air fryer basket, breast side down, and cook for 25 minutes. If you notice that the chicken is browning too quickly, shield it with a piece of aluminum foil.
Using kitchen tongs, carefully flip the chicken and cook for another 25 minutes. Keep an eye on the chicken during this process, and if required, shield with foil. The chicken is ready when the internal temperature of the thickest part of the breast or thigh registers 165°F/74°C on a meat thermometer.
Once cooked, remove the chicken from the air fryer and let it rest for 10 minutes. This helps in retaining the juices when you carve the chicken. Carve the chicken and serve it warm.