At Gamescom early this morning in Germany, Fable III was announced by its creator Peter Molyneux, Lionhead’s creative director, along with the announcement that it will be available exclusively for the Xbox 360 in the 2010 holiday season.

“We’ve spent a lot of time at Lionhead thinking about how we can innovate the gameplay and progress the world of the ‘Fable’ games for its third chapter, and we’re confident that players won’t second-guess what we have planned for ‘Fable III,’” said Molyneux, who also serves as creative director of Europe, the Middle East and Africa for Microsoft Game Studios.

In the epic story of “Fable III,” the journey to rule the throne of Albion begins five decades after the events of the last chapter, and you play as the child of your hero from “Fable II.” As you rule your kingdom as king or queen, you will be called upon to make choices and sacrifices that will test your morality and can affect your entire kingdom. Themes of heroism, leadership and consequence are taken to a grand scale as you fight to unite a divided people.