The demand for faster magnetization switching speeds and lower energy consumption has driven the field of spintronics in recent years. The magnetic tunnel junction is the most developed spintronic memory device in which the magnetization of the storage layer is switched by spin-transfer-torque or spin-orbit torque interactions. Whereas these novel spin-torque interactions exemplify the potential of electron-spinbased devices and memory, the switching speed is limited to the ns regime by the precessional motion of the magnetization. All-optical magnetization switching, based on the inverse Faraday effect, has been shown to be an attractive method for achieving magnetization switching at ps speeds. Successful magnetization reversal in thin films has been demonstrated by using circularly polarized light. However, a method for all-optical switching of on-chip nanomagnets in high density memory modules has not been described. In this work we propose to use plasmonics, with CMOS compatible plasmonic materials, to achieve on-chip magnetization reversal in nanomagnets. Plasmonics allows light to be confined in dimensions much smaller than the diffraction limit of light. This in turn, yields higher localized electromagnetic field intensities. In this work, through simulations, we show that using localized surface plasmon resonances, it is possible to couple light to nanomagnets and achieve significantly higher optomagnetic field values in comparison to free space light excitation.