Teacher identity construction has long been investigated within the field of English language teaching. However, little is known about how particularities and demands of co‐teaching language and content in bilingual education (BE) settings may lead to teacher identity (re)construction, especially in preschool contexts. Therefore, we explored, through narrative inquiry, the identity (re)construction of one pair of English language and homeroom teachers in a preschool in Turkey. We gathered data through oral narratives, follow‐up written accounts, and an online pair interview, which collectively provided insights into their induction into BE, collaborative teaching practices, and interactions with contextual factors. Findings show that external support (e.g., training, and sustained feedback by the trainers) alongside teachers' own experiences and reflections regarding BE and changing beliefs about their prior practice were among the factors which led to their transition into the role of BE co‐teacher. Parallel to this transitioning process, a relationally mediated positional identity we label dyadic identity emerged between the teachers. We discuss the process of the teachers' transition to a BE co‐teacher role and the emergence of dyadic identity, elaborating on the factors that facilitated this development. Implications for teacher identity research as well as bilingual program development are discussed.