The downloadable spinoff sees up to four players work together to defeat enemies in a hack-and-slash adventure.
Albion will be reimagined with unique cel-shaded visuals, and will include familiar locations including Mistpeak, Bowerstone and the Hobbe Caves.
Players will encounter chests with power-ups, competitive mini-games and bosses that require co-operation to defeat.
It is also designed to be replayable, with a Dark Albion to discover after completion as well as leaderboards and a levelling system to master.
Coins and unlocked puppets collected can be transferred to Fable: The Journey when it releases later in 2012.
Fable Heroes will be published by Microsoft Studios and is available later this year.
> Read our review of Fable III
View the first images of Fable Heroes below: