Preheat the oven to 350 degrees F (175 degrees C) and lightly grease a 9x13-inch casserole dish with olive oil or cooking spray.
In a large skillet, pan, or pot, combine the Velveeta cheese, cream of chicken soup, milk, cream of mushroom soup, Rotel tomatoes, cream cheese, onion powder, garlic powder, and shredded chicken. Cook them over medium heat until they are all melted and smooth.
Cook the spaghetti according to the package instructions until al dente, then drain it and set it aside.
Transfer the cooked spaghetti to the casserole dish and pour the cheesy sauce over the spaghetti and mix them well.
Sprinkle shredded cheddar cheese evenly and generously over the whole casserole.
Bake it in a preheated oven at 350 degrees F (175 degrees C) for 25-30 minutes, or until the cheese is melted and the casserole is bubbly.
Let the casserole cool slightly before serving. Enjoy!