It's not only possible, but can be done pretty reliably. There are two aspects to reading: there is deciphering the sounds that compose a word, and recognizing what that word is. These aren't the same thing. The more regular a languages' spelling is, the easier it is to teach deciphering and let the child generalize through experience. But if the spelling rules are too numerous or irregular, a child can learn to recognize words by overall shape (helped out by knowledge of what the letters are): the "look-say" method.
My sister, brother, son, daughter, and myself all learned to read very early (starting at ~2) in English by beginning with the look-say method in conjunction with learning letters. With my son and daughter, we started with wooden tiles (that we made ourselves) with a word on one side and a picture on the other. That was accessible at an age where rules like "a final e is silent but makes the previous vowel say its name (except for words like cafe and wrasse)" are too abstract to grasp.
I am not sure why there is such controversy about look-say vs. phonetics for teaching English. English spelling is ridiculous, at least for the most common words. You need to throw everything at it at once if the child is to learn early. I am not sure about the situation with French, but if you can fairly reliably teach 2-year-olds to read English, I can't imagine French is worse.
Because I do not speak French I can't recommend particular books (the Ladybird Key Words books are decent--the idea is great, but they are a little dull to motivate some children). But a strategy of reading while pointing to words, having the child recognize a few words while reading, using flash cards, teaching her the names of the letters and, when it's consistent, the sounds they represent, and then moving to syllables with consistent spelling, and so on, ought to work if the interest is there.