However, this is just a rumor. Pajiba reports that they didn't get this information from their usual sources. They would only say that the director is "in the mix" and that the project is "in the early stages of development."
In addition to this, Fables is said to be one of the many properties at the top of the list at Warner Bros. There isn't a writer attached and a talked about "ABC mini-series based on the graphic novel series may present either a conflict or a launching point." This assumes that the project is in fact getting made for the small screen. It was apparently well over a year ago that the series was announced.
Lastly, Gregory Noveck (Jonah Hex) is said to be producing this project.
Wikipedia describes Fables as follows:
The series deals with various characters from fairy tales and folklore - referring to themselves as "Fables" - who have been forced out of their Homelands by "The Adversary" who has conquered the realm. The Fables have traveled to our world and formed a clandestine community in New York City known as Fabletown. Fables who are unable to blend in with human society (such as monsters and anthropomorphic animals) live at "the Farm" in upstate New York.