Preheat the oven to 350°F (175°C).
Slice the top quarter off the bread and use the brie wheel to measure and mark a circle in the center. Cut and remove the bread within the circle to create a hollow.
Make incisions around the edge of the bread, about 1.5 inches apart, cutting three-quarters deep but not through the bottom.
Brush the inside of the bread with olive oil and season with salt and pepper. Sprinkle half the thyme leaves inside.
Place the brie wheel in the hollow and top with the remaining thyme and cranberry sauce.
Replace the bread top and bake for 20 minutes on a lined baking sheet. Optional: Toast the removed bread pieces for dipping.