In this paper, a free model predictive control based on the active vector execution time (AVET-MFPC) using an adaptive observer is proposed for two-level voltage source inverters. The traditional model-free predictive control (MFPC) uses the sampling period to select one voltage vector for all candidate vectors according to the minimizing cost function principle. With the proposed control, two vectors are selected at one sampling period. The first vector is an active vector that uses the execution time of the active vector to select it, while the second one is a zero vector as it is applied after the active vector. The execution time is calculated using the ultra-local model (ULM) equation. In the traditional MFPC, the factor in the ULM is chosen with approximate values ranging between ±50 % of the nominal value. This paper proposes an adaptive sliding mode observer (ASMO) with an improved design to observe the variation of this factor, especially in case of mismatch parameters and during a step change in the reference signal. Combining the proposed ASMO observer and the AVET-MFPC controller gives faster system response, good tracking results, and less computational burden. Finally, the effectiveness of the proposed control model is approved and confirmed under various conditions, as well as the simulations carried out and the results obtained.