A novel coupled nanoring resonators-based reconfigurable and multifunctional platform is designed with high-speed, low input power and ultra-compact size for scalable and high performance Photonic Integrated Circuits. This single nanostructure platform is used to realize five different optical components such as wavelength multiplexer, D-flip flop, power splitter, reconfigurable switch, and bandpass filter. The performance of these optical components is analyzed by Finite-Difference Time Domain (FDTD) method. The coupled resonator platform plays a very significant role in wavelength filtering, light signal routing, multiplexing, power dividing and logical operations. The multipurpose structure is numerically investigated and optimized to achieve a high data rate of 5.4 Tbps, high ON-OFF ratio of 36.98 dB, ultra-compact size of 186.48 μm <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sup> and low insertion loss of 0.0043 dB. Hence, this nanoscale structure is highly suitable for optical computing, wavelength division-based photonic communication systems and optical interconnects.