In a large Dutch oven, cook the bacon until crisp. Remove to a paper towel lined plate.

If needed, add a tablespoon or two of olive oil to the pan. Add the onion, garlic, and red pepper and cook over medium heat until vegetables are just tender. Stir in the thyme, basil, red pepper flakes and a pinch of salt and pepper. Cook a few minutes more.

Stir the butter into the vegetable mixture until melted. Stir in the flour and cook for 1-2 minutes. Gradually add the chicken broth, stirring until thickened and smooth. Stir in the heavy cream and bring to a simmer over medium heat.

About 10 minutes before serving, stir in the corn and gnocchi and cook until gnocchi is tender. Stir in the parmesan cheese and most of the bacon. Add more broth, if needed, until soup reaches desired consistency.

Serve with additional cheese, bacon and chopped green onions for garnish, if desired.