New Fable is in development
Some of Eurogamer's sources have confirmed that Microsoft is interested in reviving the Fable franchise, and it's mostly thanks to Horizon Zero Dawn:
"We've heard Microsoft's rekindled interest in Fable was in part inspired by Sony's phenomenal success with Guerrilla Games' PlayStation 4-exclusive Horizon Zero Dawn. As of June 2017, Guerrilla's story-driven, single-player open-world action RPG had sold over 3.4m copies."
We'll most likely not see any game footage for quite some time as the game is in the early stages of development. For now all we know about this new Fable game is that it's going to be a single player story driven RPG and around 200 people will work on it at Playground's newly-established second office in Leamington Spa, Warwickshire.
It's sad that the original studio behind the series, Lionhead, was shut down almost 2 years ago and didn't ge the opportunity to create a Fable 4, but hopefully the new studio will do a great job with the new game.