The properties of an all-optical wavelength converter with reshaping characteristics, based on four-wave mixing (FWM) in a passive GaAs-AlGaAs microring resonator side-coupled to a bus waveguide, are investigated in this paper. The reshaping properties are based on the nonlinear FWM transfer function as a result of the two-photon absorption enhanced by the resonance effect. A detailed study of the static and dynamic reshaping characteristics of the wavelength converter has been carried out. Its performance, evaluated by extinction ratio and Q-factor calculations, showed satisfactory regenerative properties up to 10 Gb/s.