In a small saucepan, heat the olive oil, thyme, rosemary, and chili over medium heat until the oil is hot (160 degrees F), about 2 minutes. Set aside to cool completely at room temperature.
Put the manchego in a glass or ceramic bowl. Pour the olive oil, herbs, and chili on top. Add more oil to cover, if needed. Cover and refrigerate for at least 4 hours and up to 3 days. If using the olives, marinate these for at least 3 days up to 1 week before using. Remove from the refrigerator a few hours before the party to return the oil to room temperature.
To serve, transfer cheese (and olives) to a nice bowl, soaking in some of the oil and toothpicks alongside.
Recipe by story of a kitchen at https://www.storyofakitchen.com/appetizers/marinated-manchego/