The English studio says it has "no plans" to make a sequel to the last 'core' series instalment, Fable III.
The Q&A reads: "However, in Fable Legends you'll find many of the great features of Fable I, II, and III have been carried forward in our game's design. That means the world of Albion, exciting stories, quests, humour, light-hearted action, and memorable characters."
The new Xbox One Fable was announced during an Xbox Gamescom showcase event this week.
The game will have players adventure in the returning world of Albion, "only this time with up to three other Heroes as you embark on quests, slay monsters and discover new weapons, armor and treasure to upgrade your character with."
In the Q&A, Lionhead insists that although Fable Legends features a strong online component, "it's not an MMO" and can be played offline in single-player.
"You can play with other people in a four-player cooperative experience. Your party could be all human players, or a mix of players and AI-controlled Heroes," it explained.
"You can switch easily between single player and multiplayer styles of play whenever you decide, or when a friend signs on. During a quest, you can elect to battle a human or an AI Villain."
Finally, the Q&A reveals that Legends will include "mini-games, pub games, and similar activities in our central city area," some of which may use Kinect motion controls.
A Fable Legends beta test is planned for 2014.