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Trim the rib bones of the turkey breast with a pair of sharp poultry scissors so the turkey breast sits flat in the air fryer basket.
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Rub the softened butter over the turkey breast and push a little under the skin. Combine the dried thyme, sage, salt and freshly ground black pepper and sprinkle this all over the turkey breast.
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Pre-heat your air fryer oven to 350˚F on the BAKE function.
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When the oven has pre-heated, transfer the turkey breast in the air fryer basket with the drip pan underneath to the lowest position in the oven. Cook for 17 minutes per pound, based the weight of your turkey (1 hour 25 minutes for a 5-pound turkey breast or 2¼ hours for an 8-pound turkey breast). If the skin starts to get too brown during the cooking process, tent some foil over the top of the turkey breast.
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While the turkey is air-frying, make the cranberry glaze by combining all the glaze ingredients in a medium saucepan. Bring to a boil and then lower heat and simmer for 20 to 25 minutes, crushing the cranberries as they soften with a spoon. When the cranberries are soft use a wire whisk to beat the mixture and smooth it into a paste like consistency. Whisk in the remaining ½ cup of water and cook for another minute or two.
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When the turkey breast reaches an internal temperature of 160°F on an instant read thermometer, generously brush the glaze on the turkey skin. Set the oven to the AIR-FRY function at 350˚F and air-fry uncovered for 10 to 15 minutes.
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Transfer the turkey breast to a cutting board and let it rest for 15 minutes. Carve the turkey breast into slices and serve with any remaining cranberry glaze and your favorite side dishes.