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There are multiple tools and ways to set up a Podcasting assignment for your course.

Panopto Dropbox

Provision your Course Site for Panopto
Set up an Assignments Dropbox which can be used for audio or video files
Post Link to Assignment Dropbox in your course with directions on how to upload

Audacity is a free tool student can choose to record themselves withour recommended tool for students to record audio from their computer. There are also mobile tools such as voice memo for iphone or voice recorder app on Android. There are really countless options, students can choose what works for them and save as a MP3 file.

Panopto is a good option for students who may or may not want to share their creations beyond their class.

Here are some more resources on how to create a podcast.

NPR Guide for students on Podcasting - https://www.npr.org/2018/11/15/662070097/starting-your-podcast-a-guide-for-students
Ted-Ed Blog on changing a book report to a Podcast - https://blog.ed.ted.com/2016/06/21/the-next-book-on-your-student-reading-list-and-how-to-build-a-podcast-around-it/
Project Audio: Teaching Students How to Produce Their Own Podcasts from New York Times- https://www.nytimes.com/2018/04/19/learning/lesson-plans/project-audio-teaching-students-how-to-produce-their-own-podcasts.html
Tools for Podcasting - https://edspace.american.edu/toolsforpodcasting/

Anchor

This is a an easy way to use mobile device or computer to start and podcast and distribute publicly all in a one tool. It is free but has some limitations.

https://anchor.fm/