The first episode is due to air on August 10.
The audio show will hear the Scots star and former Scottish Sun editor, Gordon Smart, who have known each other for 15 years, talk about friendship, family and the experiences they have encountered in their respective careers.
They will will explore the topic of fame, coping as parents and husbands in the film and media industries, and reveal their “masterplan” to launch their own business.
The pair said each week they will call upon the contacts they have made along the way to help inspire each episode.
Greenock-born Compston said: “Just what the world doesn’t need – another actor with a podcast.
“In all seriousness, we’ve been talking for too long about doing this, now it’s actually happening.
“In the true spirit of the original film, we’ve got big dreams and ideas, now it’s time to get going. I’m so excited about it.”
Restless Natives is a 1985 Scottish adventure comedy film, directed by Michael Hoffman and written by Ninian Dunnett.
It follows two Edinburgh teenagers, played by Vincent Friell and Joe Mullaney, who become local heroes and tourist attractions after they start robbing buses by motorbike, armed with sneezing powder and wearing funny masks.
Mr Smart added: “I am shamelessly riding on the coat tails of a national treasure.
“That said, without me, Martin would never have been voted Scotland’s Most Stylish Man in 2014.
“Let’s hope that kind of successful partnership continues and we’re still pals at Christmas.”
The first episode of Restless Natives: The Podcast will be aired on August 10.