The possibility of tuning the electronic properties of graphene by tailoring the morphology at the nanoscale or by chemical functionalization opens interesting perspectives towards the realization of devices for nanoelectronics. Indeed, the integration of the intrinsic high carrier mobilities of graphene with functionalities that are able to react to external stimuli allows in principle the realization of highly efficient nanostructured switches. In this paper, we report a novel approach to the design of reversible switches based on functionalized graphene nanoribbons, operating upon application of an external redox potential, which exhibit unprecedented ON/OFF ratios. The properties of the proposed systems are investigated by electronic structure and transport calculations based on density functional theory and rationalized in terms of valence-bond theory and Clar's sextet theory.