Fable 3, Fable 4 and Fable 5 are all planned through 2017 after Fable 2 says Peter Molyneux, the game’s developer and creator of Dungeon Keeper, Black & White, Populous, Theme Park and The Movies.
According to his interview with GameTrailers, he says that Fable has a very big story arc that they plan to continue after the release of Fable II, which took three years to make. He says that if you play Fable II, you’ll recognize things from Fable 1, and that’s something they will continue to do with the sequels.
If you apply the same three years it took to make Fable II to it’s sequels, then you can expect to see Fable 3 around 2011, Fable 4 around 2014 and Fable 5 around 2017.
And Fable isn’t all Peter has been up to. He also says that Lionhead is working on a secret project that was “kind of the result of an experiment that went incredibly well.” He states that he personally likes to work on projects that challenge him and made references to the sports genre.