Developing a third space in preschool teacher education is fundamental for a true partnership to thrive. Strong partnerships between stakeholders in teacher education can empower student teachers and influence their professional development. However, research indicates a disconnection between the theory that students learn and their practical applications in the field, which affects students' teaching practice. This study shed light on partnerships in preschool teacher education in Iceland, as partnership is the basis on which a shared learning space can develop and grow. The findings from focus group interviews with relevant stakeholders (on-campus preschool student teachers, remote preschool student teachers, university-based educators, school-based mentors, and preschool principals) indicated that partnership between universities and schools regarding preschool teacher education is weak. However, stakeholders seem to be genuinely interested in improving collaboration and establishing a stronger university-preschool partnership.