What is a homophone for fable?

There isn't a perfect homophone for "fable," as there's no word that sounds exactly the same but has a different meaning. However, the closest option is "fable," which is the word itself, often used as a verb meaning "to tell a fable."

For example: "The old woman fabled about the mischievous fox."

While this doesn't fit the strict definition of a homophone (words that sound the same but have different meanings), it's the closest you'll get in terms of pronunciation.