According to a job ad spotted by Superannuation, the next project by Lionhead Studios will be an MMO, or something like it. While the Fable series would seem to be a natural fit for a new MMO, the posting goes on to mention how the project will probably be a brand new IP.
"Opportunity to work on MMO like title for next generation consoles. AAA game and budget!," reads the ad. "This is to assist in the development of a major brand new IP that is being targeted for the future generation of platforms and will be an RPG based game with a radical new take on how co-operative and multiplayer gameplay feeds into the experience, while blending online and single player into one complete experience."