In a large Dutch oven sprayed with baking spray, cook the bacon over medium heat until crisp. Remove the bacon from the pan, leaving any drippings in the pan. Crumble the bacon and set aside. Add the onion, celery, salt, thyme, and garlic to same pan; cook for 4 minutes or until the vegetables are tender.
Drain the clams (reserving the liquid). Add the clam liquid, potato, clam juice and bay leaf to the pan; bring to a boil. Reduce heat, and simmer for 15 minutes or until the potato is tender; discard the bay leaf.
In a medium bowl, combine the milk and flour, stirring with a whisk until smooth. Add the flour mixture to the pan; bring to a boil. Cook for 12 minutes or until thick, stirring constantly. Add the clams; cook 2 minutes. Sprinkle each serving with the bacon.