Preheat your grill to medium-high heat (about 375°F).
Rinse the chicken under cold water and pat it dry with paper towels. Remove any giblets from the cavity.
In a small bowl, mix together the olive oil, garlic powder, onion powder, smoked paprika, salt, black pepper, thyme, and cayenne pepper.
Rub the spice mixture all over the chicken, including under the skin for maximum flavor.
Open the can of beer and take a few sips (or pour out a little) to make space. Carefully place the beer can inside the chicken's cavity.
Stand the chicken upright on the grill grates, using the beer can for support.
Close the grill lid and cook for about 1 to 1.5 hours, or until the internal temperature reaches 165°F in the thickest part of the thigh.
Carefully remove the chicken from the grill, allowing it to rest for 10 minutes before removing the beer can.
Carve and serve the chicken with your favorite sides.