In applied mathematics, many practical problems involving heat flow, species interaction, microbiology, neural networks, and more are associated with delay differential equations. To elucidate regulation and control mechanisms in physiological systems, Mackey and Glass introduced new mathematical models as a representation of hematopoiesis (blood-cell formation) in their influential and highly referenced 1977 paper. The presence of multiple delays, rather than a single delay, can lead to a new range of dynamics: an equation that was stable with one delay may become unstable when the delays are not equal, resulting in sustained oscillations. The dynamics of the non-autonomous Mackey-Glass model with two variable delays have not been thoroughly explored yet, which is presented as an open problem by Berezansky and Braverman. This paper focuses on the existence, uniqueness, and exponential stability of positive periodic solutions of a generalized class of the Hematopoiesis Model with two variable delays. Initially, using properties of cones and a fixed point theorem for a concave and increasing operator, we establish conditions ensuring the existence of a unique positive periodic solution for the model with almost periodic coefficients and delays. Subsequently, we employ a suitable Lyapunov functional method and differential inequality techniques to derive sufficient conditions guaranteeing the exponential stability of the unique positive periodic solution of the system. This approach covers a broad range of models that were previously studied. Additionally, an illustrative example with a numerical simulation is provided to validate the efficiency and reliability of the theoretical results. Our approach can be applied to the case of positive almost periodic solutions and positive pseudo almost periodic solutions of the model under consideration.