Earlier today Lionhead Studios lead designer Ted Timmins revealed on the Major Nelson podcast that a new Fable is in the works. Instead of another underwhelming entry in this long running series, this will be old Fable reimagined. The original Fable is still considered the best in the series and with Fable Anniversary fans will be able to relive the first and best with shiny new HD goodness.

During the show Timmins revealed that this new title will release this year on Xbox 360 and will also come with new Achievements, Smartglass functionality, a new more friendly UI, as well as the expansions content.

“Our art director has been working really hard to bring the game up to 360 quality levels that people expect… we’re actually using Unreal 3 to render all the lighting.Then we’ve got a new facial animation system and new cut-scene animations, so all of the cut-scenes look absolutely incredible now – they’re much more up to what you expect from modern day standards. We’ve been looking at the textures, the models, the meshes, the particle effects… the whole thing has been redone.”

Check out the (very) teaser trailer below.