Large language models (LLMs) are widely deployed with rapidly expanding context windows to support increasingly demanding applications. However, long contexts pose significant deployment challenges, primarily due to the KV cache whose size grows proportionally with context length. While KV cache compression methods have been proposed to address this issue, KV dropping methods incur considerable accuracy loss, and KV retrieval methods suffer from significant efficiency bottlenecks. We propose FreeKV, a training-free algorithm-system co-optimization framework to enhance KV retrieval efficiency while preserving accuracy. On the algorithm side, FreeKV introduces speculative retrieval to shift the KV selection and recall processes out of the critical path, combined with fine-grained correction to ensure accuracy. On the system side, FreeKV employs hybrid KV layouts across CPU and GPU memory to eliminate fragmented data transfers, and leverages double-buffered streamed recall to further improve efficiency, enabling effective overlap with computation, full latency hiding, and practical speedups from speculative recall. Experiments demonstrate that FreeKV achieves near-lossless accuracy across various scenarios and models, delivering up to a 13$\times$ speedup compared to SOTA KV retrieval methods. Code is available at https://github.com/sjtu-zhao-lab/FreeKV.