As it turns out, the game that Brian Fargo's inXile is developing for Bethesda is not related to Fallout nor Wasteland, but is a dungeon crawl called Hunted: The Demon's Forge. Just after the game's announcement, IGN posted an interview with Fargo which also mentions Fallout.
IGN: As someone with his name attached to both Wasteland and the original Fallout, is it a happy coincidence that you're now working with the guys who brought Fallout back?
Brian Fargo: Well they wouldn't have chosen to work with me if they didn't believe in Hunted – as games are expensive, right? So, as much as they might have respected whatever I'd done in the past, they also really liked the game! But it seems perfect somehow, that Fallout is so big. It's one of their big successes, and that was my baby, you know?
IGN: So what do you make of what they've done with your baby?
Brian Fargo: Oh, it's horrible! Kidding. I mean really, to their credit, the original Fallout was a good success – but it wasn't a Baldur's Gate success. It did have this incredible following behind it though. It's only a very good company who would have looked at it and said, "This is really great as a license: this world is so rich, the mythos is so deep and the people who played it are so loyal" before picking it up and making it a console title. I bet you that Bethesda are the only company in the industry that would have done that. Great credit to them for dialling it up to what it is today.”
Actually, I wouldn't call Fallout "his baby". While Fargo played an important role as the head of Interplay and gave the game a green light in the first place, he did not actually work on the game itself (although he did work on Wasteland, the predecessor of Fallout). Of course many sites are already calling him the creator of Fallout and even of Baldur's Gate.