We use a neurocognitive perspective to discuss the contribution of learning letter-speech sound (L-SS) associations and visual specialization in the initial phases of reading in dyslexic children. We review findings from associative learning studies on related cognitive skills important for establishing and consolidating L-SS associations. Then we review brain potential studies, including our own, that yielded two markers associated with reading fluency. Here we show that the marker related to visual specialization (N170) predicts word and pseudoword reading fluency in children who received additional practice in the processing of morphological word structure. Conversely, L-SS integration (indexed by mismatch negativity (MMN)) may only remain important when direct orthography to semantic conversion is not possible, such as in pseudoword reading. In addition, the correlation between these two markers supports the notion that multisensory integration facilitates visual specialization. Finally, we review the role of implicit learning and executive functions in audiovisual learning in dyslexia. Implications for remedial research are discussed and suggestions for future studies are presented.