In this paper, we present the design and simulation results of a much simpler monolithically integrated wavelength converter based on a V-cavity laser (VCL) and delayed Mach-Zehnder interferometer (DMZI) with semiconductor optical amplifiers (SOAs). The dy- namic characteristics of the wavelength converter are investigated using the large-signal dynamic model of semiconductor optical amplifier (SOA) with time-dependent transfer matrix method (TD-TMM). A 10 Gb/s return-to-zero (RZ) tunable all-optical wavelength converter is achieved with a large extinction ratio for both frequency up and down conversions.