Unfortunately, that will not be the case, according to an FAQ on the Lionhead Community site, LHTimes.
Here is the excerpt from the FAQ:
How will multiplayer work in Fable?
Unfortunately, due to time constraints, we will not be including the Multiplayer feature in Fable. There simply isn’t enough time to polish it to the standard we feel would be required to match that of the rest of the game. Instead we have decided to focus our resources on fine-tuning the single-player experience to ensure it is of the highest possible quality.
Provided there are no additional delays, Fable is expected to be released in July. PALGN will have more news as it happens.

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