The purpose of this position paper is to propose a comprehensive theoretical model of what can and does occur in the Zone of Proximal Development (ZPD) to extend thinking, learning and construction of meaning within a shared reading activity setting, including the development and emergence of language, literacy and social skills. By incorporating Lev Vygotsky's sociocultural perspective, Jean Piaget's dialectical learning, and the concepts of metacognition, mindfulness, and mind-mindedness, a model depicting the dynamics of a shared reading activity is proposed. Implications for research and practice are discussed, including suggestions for future research and ways to foster effective teaching practices.