In a multi-chip module (MCM), integrated circuits are coupled by optical waveguides. These integrated circuits receive optical signals from a set of tunable light sources. Moreover, a given integrated circuit includes: a transmitter that modulates at least one of the optical signals when transmitting information to at least another of the integrated circuits; and a receiver that receives at least one modulated optical signal having a given carrier wavelength associated with the given integrated circuit when receiving information from at least the other of the integrated circuits. Furthermore, control logic in the MCM provides a control signal to the set of tunable light sources to specify carrier wavelengths in the optical signals output by the set of tunable light sources, thereby defining routing of at least the one of the optical signals in the MCM during communication between at least a pair of the integrated circuits.