The following analysis applies only to glibc (based on ptmalloc2 algorithm).
There are certain options that seem helpful to return the freed memory back to the system:-
1) mallopt() function (defined in malloc.c) does provide an option to set the trim threshold value using one of the parameter option M_TRIM_THRESHOLD,this indicates the minimum amount of free memory (in bytes) allowed at the top of the data segment. If the amount falls below this threshold, glibc invokes brk( ) to give back memory to the kernel.
The default value of TRIM_THRESHOLD in linux is set to 128K,setting a smaller value might save space.
The same behavior could be achieved by setting trim threshold value in the environment variable MALLOC_TRIM_THRESHOLD_ ,with no source changes absolutely.
However, preliminary test program runs using M_TRIM_THRESHOLD has shown that even though the memory allocated by malloc does return to the system,the remaining portion of the actual chunk of memory(the arena) initially requested via brk() tends to be retained.
2) It is possible to trim the memory arena and give any unused memory back to the system by calling malloc_trim(pad)(defined in malloc.c). This function resizes the data segment, leaving at least pad bytes at the end of it and failing if less than one page worth of bytes can be freed. Segment size is always a multiple of one page, which is 4,096 bytes on i386
The implementation for this modified behaviour of free using malloc_trim could be done using the malloc hook functionality. This would not require any source code changes to the core glibc library
3) using madvise system call inside the free implementation of glibc.
Please let me know your views on the above options.