Yes it is and very easy at that. Simply follow the instructions to install FreeNAS, I'd do it first without your hard drives connected and ensure it all boots fine, you can do some minor configuration like setting up a static IP stuff. Reboot to ensure FreeNAS works. Power off, hook up your drives, power on. Then Auto Import your pool. If it doesn't find your pool then something is wrong and you should stop and search for help. You should ensure all your drives have been recognized and provide that data as well. If you have an issue please ask for help.
Most people have no issue migrating to FreeNAS from NAS4Free however one word of caution, DO NOT UPGRADE YOUR POOL if you have any thought you might roll back to NAS4Free. You do not need to upgrade your pool for FreeNAS to work, in fact you can leave it like this the entire time and there is no penalty to speed, throughput, or safety of your data. Upgrading gives you the capability to use some new features that most people are unaware of or will never consider using, like deduplication. If the ALERT is flashing, click it and see what it's saying. If it is only about upgrading your pool, place a checkmark in the box and close it, the alert will go away.
And as always, always have a backup of your data before doing something of this nature because sure as shit, something will happen to cause data loss when you least expect it. At least backup your important data.
Lastly, FreeNAS requires a minimum of 6GB RAM (my opinion) to run properly however 8GB RAM is the promoted minimum spec. If you have 4GB RAM, I do not recommend you take this plunge.