Listing out the divisors of 720, we have:
1, 2, 3, 4, 5, 6, 8, 9, 10, 12, 15, 16, 18, 20, 24, 30, 36, 40, 45, 48, 60, 72, 80, 90, 120, 144, 180, 240, 360, and 720.
The divisors of 720 that are a multiple of 4 are:
4, 8, 12, 16, 20, 24, 36, 40, 48, 60, 72, 80, 120, 144, 180, 240, 360, 720
There are 30 divisors of 720, and 18 of them are a multiple of 4, so the probability of picking a divisor of 720 that is a multiple of 4 is $\frac{18}{30}=\boxed{\frac{3}{5}}$
However, this method is very time consuming, and any algebraic solution would be much appreciated.