Transformer-based large language models (LLMs) have already achieved remarkable results on long-text tasks, but the limited GPU memory (VRAM) resources struggle to accommodate the linearly growing demand for key-value (KV) cache as the sequence length increases, which has become a bottleneck for the application of LLMs on long sequences. Existing KV cache compression methods include eviction, merging, or quantization of the KV cache to reduce its size. However, compression results in irreversible information forgetting, potentially affecting the accuracy of subsequent decoding. In this paper, we propose SpeCache, which takes full advantage of the large and easily expandable CPU memory to offload the complete KV cache, and dynamically fetches KV pairs back in each decoding step based on their importance measured by low-bit KV cache copy in VRAM. To avoid inference latency caused by CPU-GPU communication, SpeCache speculatively predicts the KV pairs that the next token might attend to, allowing us to prefetch them before the next decoding step which enables parallelization of prefetching and computation. Experiments on LongBench and Needle-in-a-Haystack benchmarks verify that SpeCache effectively reduces VRAM usage while avoiding information forgetting for long sequences without re-training, even with a 10x high KV cache compression ratio.